Last week we gave the Chopad level of 16650 Bank Nifty gave long entry on Monday opening and achieved 2 target on upside, and was unable to close below chopad level of 16650 on single trading session. Lets analyze how to trade market in coming week.
Bank Nifty Hourly
Bank Nifty trading below 21/34 EMA , demand zone in range of 16750/16800 below that fast fall towards 16500/16250.
Bank Nifty Channel
Bank Nifty unable to close above 17950 so started retracing back without touching the channel top below 16580 heading towards 16200.
Bank Nifty Harmonic
As discussed last week Shark harmonic pattern gets completed at 16622.
Bank Nifty made low of 16587 and bounced back, till 16587 not broken its buy on dips.
Gann Angles
Gann Angles with medium term view is shown above, till 225 degree angle is not broken high probablity of bank nifty heading towards 16300/16200.
Bank Nifty Supply and Demand
Self Explanatory Chart
Bank Nifty Gann Dates
Bank Nifty As per time analysis 16/20 Nov is Gann Turn date , except a impulsive around this dates. Last week we gave 09 Nov Bank Nifty saw a volatile move .
Fibonacci technique
Fibo Retracement
Fibo levels to be watched in coming week, 16578/16890/17084
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 153 points closing @16932 also unable to close above its 20/50 WSMA,for coming week. Bank Nifty took support at median level of AF line and holding the same heading towards the upper end again.
Bank Nifty Monthly
Monthly chart unable to close above @ 61.8 and unable to break 50% suggesting all rallies are sold into.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16840
Bank Nifty Resistance:16950,17069,17200
Bank Nifty Support:16700,16587,16381
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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