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.

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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