Like Nifty, not much change in view for Bank Nifty as well compared to our last post. Last week Bank Nifty opened at 16329 made a low at 16012, high at 16770 and closed at 16703. A trading range of 758 points which is good for trading.This week we have Federal Reserve Monetary Policy meeting on 26-27 and like Dow Jones, our Indian market may also be affected because of the rate decision. Except this not many major events. But let's trade the chart, not the news and see what are Bullish / Bearish possibilities ahead.
Bullish Possibility:
Bank Nifty has closed above the falling trend channel (the sky blue lines) which is positive. As discussed in previous post this will eventually bring 16922 which is the next target / resistance level. If we concur 16922 as well then next set of resistances will come at around 17302, 17442, 18234 and 18890 respectively as marked in the chart. Above all these said resistances will come the ultimate all time high of Bank Nifty at 20907.
Bearish Possibility:
16922 is a good resistance to watch for before we make any further up move. My bearish view in my last post till holds good.
Quote
If we draw a Descending Broadening Wedge starting from early Feb 2015 then we find on daily chart that Bank Nifty is still within this descending wedge pattern and the next resistance for Bank Nifty will be at the upper trend line of this falling broadening wedge which comes around 16922, which is also Fibonacci 61.8% starting from Jul 2015 high of 19229. So all these things make this level interesting to watch and act upon. Aggressive traders can trade around this level with proper stoploss and target the lower trend line of this falling broadening wedge. Bulls should be cautious at this level as very fast and deeper fall can be possible from this level. So watch this level carefully and trade cautiously.
Unquote
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
Bullish Possibility:
Bank Nifty has closed above the falling trend channel (the sky blue lines) which is positive. As discussed in previous post this will eventually bring 16922 which is the next target / resistance level. If we concur 16922 as well then next set of resistances will come at around 17302, 17442, 18234 and 18890 respectively as marked in the chart. Above all these said resistances will come the ultimate all time high of Bank Nifty at 20907.
Bearish Possibility:
16922 is a good resistance to watch for before we make any further up move. My bearish view in my last post till holds good.
Quote
If we draw a Descending Broadening Wedge starting from early Feb 2015 then we find on daily chart that Bank Nifty is still within this descending wedge pattern and the next resistance for Bank Nifty will be at the upper trend line of this falling broadening wedge which comes around 16922, which is also Fibonacci 61.8% starting from Jul 2015 high of 19229. So all these things make this level interesting to watch and act upon. Aggressive traders can trade around this level with proper stoploss and target the lower trend line of this falling broadening wedge. Bulls should be cautious at this level as very fast and deeper fall can be possible from this level. So watch this level carefully and trade cautiously.
Unquote
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
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