Skip to main content

Bank Nifty For Week Starting Mar 20

Bank Nifty opened Gap Up at 21189 last week responding to UP election results but did not move much throughout week and closed at 21175 forming Doji on weekly candle.
Bank Nifty closed above 21100 (3 digit Gann No). Also it is closed at all time high on weekly closing! Weekly chart shows breakout and if sustained above 21100 can achieve target of 21800/22500 in coming week.

GANN ANGLES:

Bank Nifty is above Weekly 45 degree Gann angle, confirming Bullish Trend. Target by one of the Gann methods (7x Base) is 20743. So we may see Bank Nifty achieving this target in ongoing bullish trend before any major correction/sideways move.

GANN Time Analysis:

Week starting Mar 6 was 26th week from top of Sep 7, 2016 and week starting Feb 27 was 52nd week from major bottom of Feb 29,2016. Hence we expect possibility of mid term top/bottom around these dates. So possibility of low formed on Mar 3 at 20423 may be mid term low or high formed on mar 17 at 21336 may be mid term top.
Monthly chart is also predicting possibility of low at 20423 as this is 13th month from major low of Feb 2017 or some high is still possible this month. Monthly chart is also showing possibility of breakout as Index is breaking blue channel line.

Solar Cycle:

A new major solar cycle will start on Mar 22. hence, this week may also set future trend for market.

Bearish Signal:
Bank Nifty formed Doji on weekly chart as well as Bank Nifty closed below low of previous day low on Mar 17. So some correction/sideways move can not ruled out before it start moving up!

For Tomorrow Below 20150 target is 21050/2020950. Above 20200 target is 21300/21400

Daily close above 20300  may take Bank Nifty to 21550/21800 this week. Daily close below 21000 will lead to 20800/20600.
Labels:

Comments

Post a Comment

Popular posts from this blog

DAX analysis for a client

DAX Index Analysis For upto Feb 29, 2020 : Daily chart shows prices are at Strong resistance zone at upper trend line (red color). On Friday (Feb 14, 2020) it formed a Doji candle that is a sign of reversal as it formed at top and at resistance zone. So correction or reversal from this level is very likely. If prices cross above 13950 and sustains above then Breakout on upside is possible.   But this looks very unlikely for at least few days as RSI indicator is also at resistance. At present it is in no trade zone. Best scenario is to wait for price to break 13600. Trade opportunities: Long Trade:   Above 13950 for target of 14300. Short Trade: Below 13600 for target of 13450/13400 and below 13400 for target of 13100/13000 DAX Analysis for Swing Trade on Weekly Charts: Weekly chart shows price is at multiple channels and trend lines resistance. Trade opportunities: For few weeks or months holding Long Trade:   Above 13950 for target of 14300/14800 and brea
Post a Comment
Read more

Bullish Bets for coming week (Apr 13-17)

I have summarised my analysis in the following table. These are bullish stocks. Please do your own analysis and these are not recommendations but only for learning purposes Stock CMP Tgt 1 Tgt 2 Tgt 3 ITC 185.25 203 210   VEDL 76.8 92 96   NCC 20.15 23 26 28 RBL 120.85 134 140   SUNTV 338.3 360 365 390 CANBK 91.5 111 118 121 SBIN 187.75 194 202 211 RECLTD 89 101 106   INDIGO 1041.95 1100 1140 1160 HINDPETRO 207.85 218 223 227 Hindalco 107.55 113 127 134 CHOLAFIN 171.75 185 204 225 BHARATFORG 245.55 277 288 299 SRTRANSFIN 675.95 730 785 840 .
Post a Comment
Read more

Bank Nifty Bigger Time Frame Analysis

I have posted following weekly chart of Bank Nifty in my Dec 15 post. This chart shows similarity in patterns. The pattern started in Aug 2013 and completed in Oct 2016 as shown below: This is "Extracting Triangle Pattern" as per Advanced Elliott Wave (Neo Wave). Ongoing pattern looks similar to Extracting Triangle Pattern and as per this pattern wave D seems to be in progress. After completion of wave D, index will move towards upward channel line(RED) in wave E. Once the pattern gets completed, we should expect index to go below wave D. I am just aware about Neo wave patterns but do not have knowledge about its calculations/counts. In Extracting Triangle pattern, each successive wave in the direction of trend contracts while corrective waves expand (wave A< wave C < wave E, wave D > wave B) It looks similar to Head & Shoulder pattern So possibility of Down move is quite high post Jan 2017.
Post a Comment
Read more