Bank Nifty for Week Starting Mar 27

Last week Bank Nifty corrected to low of 20757 and bounced back quickly closing at 21122 above 3 digit Gann No 21100. As long as 21100 is held Bank Nifty remains bullish.

The low made in the week of Feb 27(52 weeks from major bottom of Feb 29, 2016) on Mar 3 at 20423 and high made in the week of Mar 14(Mar 13 was holiday-26/27 weeks from top of Sep 7, 2016) on Mar 17 at 21336 are still protected. Hence, until one of them is taken out we consider range bound movement.

Breaking 21336 target is 21800/22500. On downside breaking 20423 may take Bank Nifty to 19700/19000.

Gann Time Analysis:

Mar 26 is 90th day from bottom of Dec 26, 2017. Hence, we may see good impulsive move tomorrow(Mar 27). New major solar cycle is started on Mar 22 and we may see a trend emerging this week for next few months.

Tomorrow above 21150, target is 21250/21350/21400. Below 21100, target is 21000/20940/20800.

Comments

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