Bank Nifty EOD Update Mar 27

Bank Nifty today moved within range of 200 points and was volatile due to uncertainty of US market reaction today to failure of Health bill passage on Friday. It opened minor gap up, made high of 20179 and corrected sharply making low of 20979. Bounced back to 20138 and finally closed at 20156.

Prices need to break parallel(brown) channel for next trend to emerge. Till then it would be range bound movement within channel. Today again Bank Nifty closed below 21100 so possibility of further down move tomorrow is high.

Tomorrow above 21080 target is 21170/20276. Below 21030 target is 20940/20820.

Inside Pitchfork(IP):

IP is showing that Bank Nifty is facing resistance at 1 SD upper line.

Breaking 1 SD upper line will be breakout for Bank Nifty and index will move quickly to 21800/22500. Breaking 20400/20350 will be bearish and can lead to 19500.

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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