BANK NIFTY ANALYSIS

BANK NIFTY IS AT MAKE OR BREAK level. The Previous range between 19000 - 19800 has shifted to 19100-18900.

BEARISH VIEW: Breakdown below 18900 - would take it down towards 18800-750.

BULLISH VIEW- A typical Inverse Head and shoulder pattern has formed with breakout above 19100 SPOT LEVELS.

TATAMOTORS ANALYSIS

Tatamotors has corrected approximately - 50% from its High of 602 - to  364.

A Huge Falling wedge is in formation with Positive divergences in 14 RSi and Slow MACD. The falling wedge would Breakout above 385 - and the initial target would be 420-425 - at which the wedge would become a Channel. Breakout above this level of 420 would be highly Bullish.

This level of 385-390 is the previous support - turned resistance. So, if resisted - would retreat fast towards - 360-355 and also If the resistance is taken out the target would be 420.

BANK NIFTY ANALYSIS

Intraday Update 2.00 PM

The Diamond pattern became a busted pattern and again today support well found at 18830 - SPOT levels.
19050 spot- knocking for the fourth consecutive day - CAUTION with SHORTS.

BANK NIFTY HARMONIC PATTERNS

BN is within a narrow range of 18800 - 19050 - and either way breakdown or breakout is all set to give huge moves.

Harmonic pattern Chart:

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_d71772d252b5602a171ffd45d8bf6164.png

BULLISH VIEW:
An EOD close above 19050 - Day channel breakout - would lead BN towards 20000++ as per the ABCD Pattern in the above Chart

BEARISH VIEW:
RESISTING AT 19050 - would drag BN towards 18000 levels as shown in the Bullish Bat Pattern of the above chart .

TRADE PLAN:
Sl for shorts initiated is 19050 SPOT LEVELS. On breakout of 19050 - to be converted to positional longs with 18950 as Sl - which would be the cluster resistance turned support area.

BANK NIFTY ANALYSIS

UPDATE 12.00 NOON:
As mentioned in Premarket view - supported at 18800 SPOT and bounced back upto 19050 spot.

Bullishness on Hour Close above 19050. So strict STOPLOSS  for shorts @19050. 

Investing.com Charts: Possibility of a Bullish Bat Pattern in Contention holding 19050

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_882a98106564dad2d39d9edfd6015fe7.png

BANK NIFTY ANALYSIS

Intraday UPDATE: 1.00 pm:

Reached Channel Resistance at 19000 spot- Corresponding to 80% retracement of 18174 - 19019 (present High). Breakout and EOD close above this will be Highly Bullish.

On resistance must watch the Fibo retracement along with the MOVING AVERAGES.

FIBONACCI RETRACEMENT FOR 18174 - 19019: 

38.20%	18696	20 DMA
44.70%	18641
50%	18596	10 DMA
61.80%	18496

TRADE PLAN: 

Book Longs as mentioned in Premarket view and Initiate Shorts with SL EOD close above 19050. On EOD close above 19050 - convert to POSITIONAL LONGS.