BankNifty Chart ahead of RBI Monetary Policy

The RBI will announce its monetary policy as the clock ticks 10: am IST. The street is expecting a 50bps hike.

The chart of Bank Nifty signals a bullish scenario ahead of the decision.

1. The Bullish Harmonic (blue)
2. Positive divergence on RSI
3. Trendline resistance at 38,000

Though the pattern is bullish, 38,000-38,065 will be the confirmation level for the pattern.

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#RBI
#BankNifty

Nifty reversed from Support area 📈

The bulls cheer the RBI rate hike on D-street; Sensex and Nifty gain 1.80% and 1.64% respectively.

The short-covering rally in Bank Nifty post Monetary policy triggered the recovery in markets. If you are following our Live charts, you might have gained from Bank Nifty’s technical setup.
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The Nifty close above the 17,030-17,040 resistances had strengthened the bull’s hopes, but the major hurdle lies in the 17,200-17,340 zone.

On the hourly chart, the bullish Wyckoff pattern is visible indicating today’s low as Shakeout and bottom structure in place at 17,747.

The dip to 16,938-17,016 will be the support area as per Wyckoff’s theory.

Brijesh Bhatia
Research Analyst, Fast Profit Report

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Daily Pre-Market Analysis - 3rd October | Nifty - Bullish Wyckoff | Bank Nifty - Buying the Dip|

SGX Nifty Live @ 16,950

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https://youtu.be/X7pMbN9SmFc

Nifty Pharma Index - The Bullish Breakout

Index is breaking out of one year falling trendline (blue).

It is also breaking out of the previous swing high around 13,000.

The bullish momentum may head towards the 13,660-13,900 levels.

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The short-lived Friday’s bullish momentum goes in vain on Monday as the Nifty lost 1.21% ending at 16,887.

Index entered the buying zone as per the Wyckoff theory. As explained in the Daily Pre-Market Video, watch here https://www.youtube.com/watch?v=X7pMbN9SmFc&t=46s

At the day’s low of 16,855 on Nifty, the Bullish Gartley Harmonic pattern is visible on the chart.

The Bullish Wyckoff and Harmonic, the index is trading at the bargain buying levels. The patterns would negate on breach of 16,690.

Brijesh Bhatia
Research Analyst, Fast Profit Report

Daily Pre-Market Analysis - 4th October | Nifty - Bullish Wyckoff & Harmonic | Buying Pharma Stocks |

SGX Nifty Live @ 17,110

Have a Profitable Day! 📈💰

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https://youtu.be/11F6rGUsDqg

Nifty - Enter the Dragon

The bullish start with the gap-up opening excites the bulls but I will take it as the profit booking area for intraday traders.

The index has entered the major resistance zone (marked red on the chart) at 17,190-17,330.

The bulls may have to put extra effort to cross this hurdle.
(CMP-17200)

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The bulls are back in style as they reclaim the 17,000 marks on Nifty; end the day at 17,274 gaining 2.3%.

The bullish engulfing followed by bullish harami confirms the bullish reversal on the Nifty as it closes above the high of 17,187.

Bullish Wyckoff and Bullish Harmonic patterns discussed in the Daily Pre-Market Analysis are playing their role. Watch here https://www.youtube.com/watch?v=11F6rGUsDqg&t=39s

The recent swing low of 16,747 marks the short-term bottom and signals upside levels of 17,515-17,700.

A move above the gap area resistance of 17,300 and 39,500 on Nifty and BankNifty respectively may trigger the short-covering rally.

Brijesh Bhatia
Research Analyst, Fast Profit Report

Nifty - If we open above the resistance zone of 17,300-17,340 and close above it in the first 15mins of the day, we may hit our expected upside levels of 17,515-17,700.

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Daily Pre-Market Analysis - 6th October | Nifty & Bank Nifty Trading Levels | Weekly Expiry Options Strategy |

SGX Nifty Live @ 17,430

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https://youtu.be/wtN58sUxJks

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