Last Week we gave Chopad Level 14400 Bank Nifty Long initiated above chopad levels on Monday got stopped out but Longs Triggered as Bank Nifty closed below the chopad levels did all 3 target by Wednesday .Lets analyze how to trade Bank Nifty in coming Week as we have Union Budget on Monday. 2 Articles which traders should read before trading in Union Budget
Impact of the Union Budget on the Indian Stock Market
Option Trading Strategy for Union Budget 2016
Bank Nifty Hourly
Hourly close above the 34 EMA and channel bottom can trigger rally for 14550-14700. Bearish on close below 13500 for 13300/12800
Bank Nifty Harmonic
As discussed last week Now close above 14524 can see move towards 14745/14965. High made was 14467 so Bank Nifty did not trigger the buy level as per harmonic and corrected.
Coming week any close above 14000 bank nifty can move towards 14694.
As discussed last week Bank Nifty broken the gann angles and now support lies in area of 13500-13600, resistance in zone of 14500-14700.
Bank Nifty bounced from 13520 Gann Angles worked perfectly. Holding the low we can see rally till 14500/14800.
Bank Nifty Supply and Demand
Self Explanatory Chart
Bank Nifty Gann Dates
Bank Nifty As per time analysis 01/04 March is Gann Turn date , except a impulsive around this dates.
Fibo levels to be watched in coming week, 13981/14443/14400/14587/14771 and 13500
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 552 points closing @13791 unable to close above the lower line of AF closed just below its 200 W SMA, Close above 14000 can see fast move of 500-600 points.
Bank Nifty Monthly
Monthly chart took support at 78.6 %,Holding it bank nifty can revisit 14500/14800 as we have monthly closing.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:13930
Bank Nifty Resistance:14150,14332,14500,14755
Bank Nifty Support:13760,13500,13385,13000
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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