Bank Nifty reacts from Andrew Pitchfork line, Weekly Analysis

Last week we gave the Chopad level of 18000 Bank  Nifty gave short entry on Monday opening and achieved all  3 target on downside  Lets analyze how to trade market in coming week.

Bank Nifty Hourly

This is what we discussed last analysis Bank Nifty hourly chart faced multiple resistance @17950, close above 17950 can see move towards 18084/18144 in short term, Support at 17850/17780.

Bank Nifty was unable to close above 17950 and correct all the way down to 17170 where Hourly support lies and now going forward if support comes at 17000 and below that whole RBI move till 16700 can be retraced fast. On Upside 17479/17658 are resistance zone.

Bank Nifty Channel

Bank Nifty unable to close above 17950 so started retracing back without touching the channel top.

Gann Box Analysis

Bank Nifty broke out of 1×1 line and heading towards 4×1 line @17000/16946

Gann Angles

Gann Angles with medium term view is shown above, till 1×1 blue line from bottom is not crossed all rallies will be sold into.

Bank Nifty Supply and Demand

As discussed in last analysis Bank Nifty 17950  is important level to watch breaking the same bank nifty will move towards 18019/18144 in short term.Breaking below 17652 can see move towards 17565 and 17450 in short term.

Now 17103/17025 are important support below that cluster of demand zone comes at 16886/16772/16648. Supply zone @17368/17663.

Bank Nifty Gann Dates

Bank Nifty As per time analysis  03 Nov  is Gann Turn date , except a impulsive around this dates. Last week we gave  23 Oct  Bank Nifty saw a volatile move .

 

Fibonacci technique

 Fibo Fans

Fibo Retracement @61.8% retracement is where bank nifty is stalling.Now 17084/16890 should be seen.

Bank Nifty Weekly

It was negative week, with the Bank Nifty down by 580  points  closing @17354 forming bearish engulfing pattern and showed the follow up move of last week hanging man candlestick  also unable to close above its 20/50 WSMA,for coming week 17000 will play crucial role closing above it can move towards 17368/175000, Unable to close above it Bank nifty can move towards 16800/16650 .New time cycle started on bearish note.

Bank Nifty Monthly

Monthly chart unable to close above  @ 61.8 @ suggesting all rallies are sold into.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:17370

Bank Nifty Resistance:17500,17668,17865

Bank Nifty Support:17025,16886,16660

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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