Last week we gave the Chopad level of 17850 Bank Nifty opened with Huge gap down and did not give any opputunity for Chopad Followers to take entry. Lets analyze how to trade market in coming week.
Bank Nifty Hourly
Bank Nifty as per Gann Wedge and Arc high of 17600 should be broken for further upmove and break of 17200 can push towards 16800/16600.
Bank Nifty Pyrapoint Indicator
Resistance@ 180 degree line and Support @225
MML Analysis
Bank NIfty needs to close above 17500 for short term bullishness
Bank Nifty Supply and Demand
Bank Nifty rotated between Supply and Demand zone and rewarding traders who shorted at Demand zone and bought back at supply zone. Self Explanatory chart shown above.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 31 August/04 September is Gann Turn date , except a impulsive around this dates. Last week we gave 24 August/27 August Nifty saw a volatile move .
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 845 points closing @17211 forming hammer candlestick pattern . Resistance at median of AF line @17500.
Bank Nifty Monthly
Again Monthly unable to cross Breakout level now near breakdown level.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17220
Bank Nifty Resistance:17450,17650,17900
Bank Nifty Support:17100,16800,16670
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.
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Fiis have sold 19230 crores in cash in aug… last time and only time fiis had sold more than 20000 crores was in january 2008. Be cautious be prepared and as bramesh sir says… backtest your moves
Buy Bank nifty 19000 Call at 50 Tg1 : 195 Tg2: 235, SL 35