Bank Nifty Daily Review 17-04-15

Well as posted earlier, Bank Nifty just crashed after testing the trendline on very high volumes. Today was a continuation of the negative bias and all small rally were a shorting point for traders. Going forward things look more negative for Bank Nifty now that it is below all moving averages and supports are small. The resistance will be at 18530 where the 20 dma is present. Till that level is crossed all small rallies can be shorted into for fruitful gains. Although we closed at the 50% retracement of the earlier rise, I believe it was corrective in nature and a fall below 18120 will confirm the fact.

banknifty11

Targets – 18120,17965

Resistances – 18530,18700

Support – 18224,18160

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Bank Nifty – Head & Shoulder Alert

Hi,

The Nifty and Bank Nifty are back to their trending ways and the uptrend seems to stay intact however the Bank Nifty Future charts have a different picture which is showing a clear trendline test of the more than obvious Head & Shoulders pattern. I have seen when the pattern looks to obvious it is bound to fail however this should be on the back of our minds.

Generally if the test fails there should be a greater rally.

BankNifty5

Bank Nifty 20th Feb

Hi,

So another day of consolidation for both Bank Nifty and Nifty, Prices opened lower than yesterday and although there was a bit of a push for higher prices, overall the index closed again in the negative territory.

We seem to be in the X wave and after completing the X wave a double Zig-Zag looks like the probable way for Bank Nifty. I have drawn the expected pattern if Bank Nifty finds support on the lower support line. If not then we can say that another 5 waves down should be on the cards.

Bank Nifty

This is the most likely way Bank Nifty is expected to go , if we see a gap up opening on Monday its safe to say that this pattern is valid.

Bank Nifty Daily Review 19th February

Hi,

Well today was a volatile day for the markets where we say intensive selling during the mid day and buying right at the end of the day. Overall Bank Nifty closed negative with 84.2 points down (-0.5%). Nifty however did manage to close on the positive (More on Nifty Later).

As mentioned yesterday, the nearby support of 19127 was broken and prices went down till 18878.8 before reversing.

Now as per the charts 19300 should be the next resistance which should be tested, if Bank Nifty crosses it, we should look for much higher levels but I feel Bank Nifty is loosing its strength and the medium range trend remains negative.

banknifty

If the resistance is not crossed we could look at heavy selling!

Bank Nifty Daily Review 18th Feb

Today was more of a consolidation rather than any new developments.

Lets start with the chart of Bank Nifty

banknifty

The rally seen from 9th February hasn’t been able to cross the 50% retracement level. If the price falls below the support 19127 then we could see another fall for Bank Nifty as shown in the red rectangle and prices could go down atleast towards the 100% retracement of this rally and look to go further down.