Last Week we gave Chopad Level 16800 Bank Nifty gave Long entry on Tuesday which did 1 target on Monday Longs taken got Stopped out on Thursday and Shorts initiated on Thursday did 2 target on downside low made was 16527 which was near our 2 target of 17500. Lets analyses how to trade Bank nifty in coming week, Will the age old adage , “SELL IN MAY AND GO AWAY” hold true in May month.
Bank Nifty Hourly
As discussed last week Gann Circle has been able to capture top at the end of each circle. Watch the change in color at circle end to understand the concept. Sharing it for educational purpose.
Now coming week close above 16800 can see move towards 17067 and close below 16500 can see move back to 16200/16150.
Bank Nifty Harmonic
Holding 16500 heading towards 17005/17081 as per SHARK pa
As discussed in last analysis Now close above 16800 heading towards 17000/17150.
17029 done, and Bank Nifty reacted from gann angle, so bulls will become active only above 17080, and bears below 16500.
Bank Nifty Supply and Demand
As discussed in last analysis Closed above 16188 last week should see a move towards 16800/17032.
High made 17029 :). Now for coming week 16500 should be watched above it 17000 and below it move towards 16188.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 02/06 May is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 91 points closing @16795 closed above the upper end of the AF line as shown above. As we have been discussing Now Holding AF line 16300/16400 we are heading towards 17067/17500. 17030 done, Now for coming week 16500 will play crucial role holding the same we can bounce towards 17000/17250.
Bank Nifty Monthly
Monthly chart bounced from 61.8% as discussed last week. As discussed in last analysis Now crossing/closing above 16800 which is 50% will be very bullish short term. Bank Nifty closed at 16695
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16800
Bank Nifty Resistance:16920,17040,17265
Bank Nifty Support:16650,16500,16280
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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Sir, What would be the TSL for Chopad levels?
Thats depends on your risk management..