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 Update Feb 15

Bank Nifty today move down sharply after opening Gap up and making Top of 20368 just near Gann No 20364 and reversed sharply making Low at 20115 and closed at 20163. It seems wave B is completed at 20368 and wave C is started (confirmation only when Bank Nifty crosses 20000). We may see bank Nifty moving sharply to 19700/19500. Daily chart shows RSI crossing 70 level from top that shows possibility of down move. Also Bank Nifty broke lower channel lines (Blue as well as Red). So Bank Nifty may fall sharply in wave C.

BanknIfty Update for Jul-15, 2020

Banknifty opened Gap Down and continuously moved down. In the last 2 days, it almost falls more than 1200 points. We are able to capture this move from almost the top of 23000. The daily chart shows Banknifty took support at 30-EMA levels. MACD signal gave a bearish crossover signaling possibility of further fall in the coming days. RSI @ significant levels of 50. Break of 20900 could lead to a sharp fall towards 19700/19500. On the hourly chart, the MACD signal gave bearish crossover yesterday, and we saw a good fall in Banknifty. Gann Box: Weekly Gann Box shows Banknifty exactly changed the trend from the time factor zone. Also, the weekly opening was near the angle and it reversed after hitting angle and gave a good fall. It signaling a bearish trend for the coming weeks. On the daily Gann Box chart, we can see today Banknifty opened near angle, hit angle, and reversed sharply giving good down move. FNO Data: The future OI decreased by 7% signaling short covering with fall. The spot

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