S&P CNX Bank Nifty Spot Trading Levels for 28-08-2014
S&P CNX Bank Nifty Spot Trading Levels based on various technical analysis tools.
The Daily and Weekly Reversal level is computed on the basis of a simple moving average and then fine tuned with the addition of current days average move to lessen the whipsaws in the levels. It can give returns if traded mechanically over a period of time but request to do some paper trading as its just for education/information purpose only and not a recommendation to trade.
The pivot levels above are simple pivot levels.
The Gann levels are computed as per W D Gann’s calculations of Supports and resistance for the next day based on close price of current day.
The Fibonacci levels are the fibonacci retracement levels of the nearest swing high and low.
Based on the colour of the EMA and MA boxes we can estimate the trend. More green boxes are bullish and more orange boxes are bearish. If half of them are green and half are orange then the trend is either sideways or about to turn bearish from bullish or bullish from bearish.