Last week we gave Nifty Chopad level of 18296 .Bank Nifty did 3 target on downside rewarding chopad followers by 600 points. Lets analyze how to trade Bank Nifty in expiry week
Bank Nifty Hourly
Bank Nifty hourly chart will breakout above 18600 for target of 18900.
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown,18600 will play crucial role next week.
Bank Nifty EW Daily
This is what we discussed last week Long term Elliot wave is drawn on Bank Nifty which gives target of 19819, so dips till 18000/17800 should be bought into.
Bank Nifty made low of 17504 and zoomed up 800 points.
Bank Nifty Daily Bias
Bank Nifty daily bias has turned to Buy the Dips for next week.
Bank Nifty Gann Dates
As per time analysis 23 December +1 day is Gann Turn date , except a impulsive around this date.Last week gann date rewarded with 550 points in single day.
Fibonacci technique
Fibonacci Fans
Bank nifty took support@ Fibo fan line suggesting still in buy on dips mode. Now break of 18600 will suggests new highs are coming.
Bank Nifty Weekly
Bank Nifty Weekly chart took support at middle of AF line and harmonic pattern suggests still its in buy on dips mode.Break of 18600 will suggest bank nifty can move up and form new life high.
Bank Nifty Monthly
Bank Nifty in current correction took support@ 200% channel which is extremely bullish in short term. Holding the sam Bank nifty can approach to make a new life highs.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18556
Bank Nifty Resistance:18686,18946,19076
Bank Nifty Support:18426,18296,18166
Levels mentioned are Bank Nifty Spot
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl.Please also read the detailed Disclaimer mentioned in the Right side of Blog.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863
very good analysis. Bhalchandra