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dixitsoham7

Bank nifty Either Side Move Possible - Buy On Dip

Nifty Bank Index (NSE:BANKNIFTY)  
dixitsoham7  
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis
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trendanalysis

BANKNIFTY
snapshot

Analysis :-
Weekly
Bank nifty on Weekly Chart Formed Bullish Reversal Candles Pattern like Inverted Hammer , Hammer & Bullish Engulf and Trading above 20SMA of BB 45530 & 50 Ema 44376 will act as Support
Now Trading Above the PWH ( Previous Week High ) is Important to Continue its short term Uptrend.
Weekly TGT is On Card 48636.
Daily
Indecision Candle Formation on Daily Chart . Failed to Challenge BB.
Upside TGT is Pending on Card 46892.35 Probability is High to Hit upside Target subject to crossing PSYCHOLOGICAL Level 46500
Either Side Move is On Card 500 Points Each Side , as of Now Buy on Dip along with Price Action is Important.
on 4 Hourly chart the Formation of Shooting star like Candle is cause of Worry.
Hourly
Bank nifty is trading in Uptrend & in Channel. Last Trading day it has Created a Range & Broken Channel. Now Either side Move is on the Card it Will Zoom Above Hourly High 46485 & will be Weak Below 46264. The Negative Price Action on last Hour & Closing Below PSYCHOLOGICAL Level is Cause of Worry. Price is at Upper side Of BB , Now Support is at 46170,46000 PSYCHOLOGICAL Level & 45829 Which 50EMA Support. RSI is Above 60 But Stochastic has Given NCO & Showing Down tick.
Nifty is Bullish & Nearing ATH But Compare to Nifty Bank nifty is Weak

Supportive Price Action by Bank nifty Contributor Banks
HDFC Looking Bullish & Given Breakout of Channel - , above 1427 will try to trade Upside for TGT 1439 & 1446
ICICI Looking Bullish &trading in Range , above 1026 will try to trade Upside for TGT 1031 & 1035
Axis Bank Looking Mild Bullish & trading in Range , above 1076 will try to trade Upside for TGT 1087 & 1094
SBI Looking Super Bullish & BB Challenged & trading up side and at ATH above 774 will continue to trade Upside for TGT 787 & 792
Kotak Bank Looking Bearish & trading Down side , above 1752 will try to trade Upside for TGT 1762 & 1769
IndusInd Bank is at Support & Will try to trade Upside if able to Cross 1506 For Upside TGT of 1528,1542
Global & Domestic Event Will Impact Bank nifty.
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