Last Week we gave Chopad Level 15600 Bank Nifty gave Short Entry on Monday did 1 target on downside low made was 15440 which was near our 1 Target of 15450, again gave long entry on Monday mid session and did all 3 target on upside by Monday, Lets analyze how to trade Bank Nifty in coming Week as we have only 4 trading days as 19 April is trading Holiday.
Bank Nifty Hourly
As discussed last week Turned from channel resistance and did 16000. Now for coming week break of 15450 will see bank nifty going to 15250/15000 levels. Holding 15450 can lead to fast move till 15700/16000
Gann Circle is drawn above which suggests support at 16200 and resistance at 16535 2 levels needs to be watched in coming week for 300 points move on either side.
Bank Nifty Harmonic
As discussed last week 15450 will play a crucial role in coming week, break of same we can see 15300-15266 as per CYPHER pattern.
15440 Low was made so cypher was not activated Now we are forming a ABCD pattern which has pattern a target of 16497/16589/16784.
Gann Angles
As discussed in last analysis As per gann angle need to close above 15800 for move towards 16200/16500. Unable to cross that can see 15300/15000 levels.
16200 done now heading towards 16500/16800.
Bank Nifty Supply and Demand
Closed above 16188 last week should see a move towards 16800/17032.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 18/20 April is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 710 points closing @16278 heading near the upper end of the AF line as shown above. As we have been discussing This analysis still holds true Bank nifty needs to close above 16000 on weekly basis for next move till 16800. Else will see correction till 15500-15300. Now For coming week traders needs to watch 15450 levels as per GANN Methodology,Holding above it bank nifty can move towards 15768/16000.
Low made was 15440 so Gann worked one and after touching it saw one sided move, Now as we have closed above 16000 we should be heading towards 16800.
Bank Nifty Monthly
Monthly chart bounced from 61.8% as discussed last week. Now crossing/closing above 16800 which is 50% will be very bullish short term.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16350
Bank Nifty Resistance:16550,16810,17020
Bank Nifty Support:16200,16000,15700
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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