Bank Nifty at 23300 by Mar 22, 2017? Bank Nifty for Week Starting Mar 14

Bank Nifty at 23300 by Mar 22, 2017? Bank Nifty for Week Starting Mar 14 - Post UP Election Results

Last Weekly post I mentioned

"This week is important week as per Gann Time Analysis. This week is 26th from Top of 20576 made in Sep 2016. Also Last week completed 52 weeks from major bottom of 13407 made in Feb 2016. As per Gann Time Analysis these are important weeks for making Top/Bottom/Reversal. Hence, a Major mid term Top/Bottom can be expected this week that should be protected for few months. The reversal of Sep 2016 was 27 weeks from low of Feb 2016."

The UP election results may provide us mid term bottom in last week or mid term top this week. Tomorrow we will see a Strong Gap Up(500-700 points) but we have to watch whether market moves up after that big gap up!

It is very likely that Bank Nifty may reach 23300 in coming weeks or probably by Mar 22 when new Solar Cycle starts. Bank Nifty is moving in 180 degree 18300-20400-23300. It sustained very well for last few weeks above 20400. Hence, 23300 is target is looking possible with UP election results favorable to Bulls!

Market would also react to US Fed rate decision on Thursday morning(decision would known by Wed night), but looks like domestic positive news flow may supersede this Global negative news in coming weeks.

Gann Time Analysis:

This month of Mar is also 13th month from Major bottom of Feb 2016(13407 made on Feb 29, 2106). As per Gann, 13th week/month is one of the important time frames to watch for reversal or major bottom/top.

Comments

Bank Nifty for Week Starting Jan 16, 2017

Last week Bank Nifty made big up move of 650 points. High made is 18966. It looks like it is ready for further up move. On hourly chart Middle BB line(RED color) is providing support and Index may again move up towards upper line of Blue Channel. The Best trading strategy is now to go Long when Index is bouncing from Middle BB line and Exit when it is near upper line of Blue Channel. Hourly RSI shows Resistance at 85 level and Support at 59 level. So Blue channel along with RSI levels are good indicators for trade. It is not good idea to go short as Up Momentum is strong. If Index breaks Middle BB line then only short positions should be taken. If Bank Nifty breaks 18850/18800 then we may see it reach quickly to 18650/18600. Also it may break RSI support level of 59 for major correction. We may see Index moving along Upper BB line (Blue color) on Daily chart. Index may face resistance at 19150/19200 level. If it crosses 19200 it can reach to 19500/197000. Daily RSI is

Bank Nifty EOD Feb 7 Update!

Bank Nifty is in consolidation/correction mode. Today it moved in a very narrow range and it seems that it is under time correction before a BIG move. It is awaiting RBI monetary policy decision due on Feb 8 and bank Nifty may make Big move on Feb 9 in either direction depending on market's reaction to RBI decision. Bank Nifty 15 min chart shows wave a and wave b completed and wave c is in progress. It may take triangle pattern of correction as uncertainty of event outcome is playing out. It may correct to 20250/20030 levels.

Hindalco - On the Verge of Break-Down?

Hindalco Daily chart is posted below: Daily chart shows prices are facing resistance at Gann level 183 and now prices are near lower band of Bollinger Bands(BB) that are expanding. Hence, a big fall is expected in next 2-3 trading sessions with target of next Gann level 157. Daily RSI is also broke 50 level coming from upside overbought 70 level that signals further fall in coming days.

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