Last Week we gave Chopad Level of 15176 Bank Nifty did 3 target on upside , rewarding Chopad Followers , Bank Nifty made a breakout last week so lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts has given a breakout now the resistance of 15750 will become an important support.Negative divergence are visible in hourly charts but price confirmation is required.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is shows short term top can form in range of 15900-15950 and a short term pullback can be seen.
Bank Nifty Daily
Bank Nifty daily has given a textbook style breakout, next 3 days are very important as they will confirm whether its a valid breakout or a false one. 15750 is the pivotal of the breakout, any close below this level its a failed breakout.
Bank Nifty is forming triangle on daily chart rangebound moves will be seen in range of 14800-15200 till breakout/breakdown happens
Bank Nifty Gann Dates
25-Aug is Gann turn date for Bank Nifty
Fibonacci technique
Fibonacci fan
Bank Nifty approaching the resistance line of Fibo Fan, unable to close above it will lead to correction else uptrend continues.
Bank Nifty Weekly
Bank Nifty Weekly chart as per Andrew Pitchfork again made an attempt to cross the AF line but unable to do so, This week 15850-15900 needs to be watched closely on weekly basis, unable to close above it we can see a pullback like last time we saw BN turned after touching AF. Very interesting trading days ahead.
Bank Nifty Monthly
Bank Nifty is also approaching the trendline and we have Expiry, Weekly and Monthly closing all on 28 August so very interesting trading week coming ahead.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:15826
Bank Nifty Resistance:15956,16086,16216
Bank Nifty Support:15696,15436 and 15306
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
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