Last Week we gave Chopad Level 19116 Bank Nifty gave Long entry which got stopped out, short entry on Monday and did 1 target on Downside, our target 19000 Low made 19002. Long triggered on Tuesday did all on upside our final target 19750 High made 19744 as per chopad levels , Lets analyze how to trade bank nifty in coming week.
Bank Nifty Hourly
As discussed in last analysis Now for coming week 19116-19130 is important resistance zone, as support becoming resistance, unable to close above it we will break the low of 18824 and head towards 18500. Bullish only on close above 19320.
Low made 19002 and bounced back, As soon as 19320 was crossed bank nifty move towards the target of 19750, Now for coming week 19750 will be laxman rekha for bulls and bears above it we will see 20000/20400. Unable to cross below it target 19300/19000.
Bank Nifty Harmonic Pattern
As discussed in last analysis Coming week break of 18824 can see fast move till 18500 and 18350 as per ABCD pattern.
18824 was not broken hence the pattern become invalidated, for coming week 19750 should be closely watched above it can see move till 20200 and below it 19000.
Supply and Demand Analysis
As discussed in last analysis Bank Nifty close below 18850 can see level below 18450-18500. Bullish only on close above 19318.
Bulls need a close above 19750 for move towards 20264.
Gann Angles
As per gann angles, bank nifty again held on to gann angles close above 19750-19800 is important for next up move towards 20200/20500. Bearish on close below 19500.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 25/28 Oct is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 690 points closing @19710 forming bullish engulfing pattern . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 5 weeks, Bulls need close above 20155 is important for bulls to march towards new high, support at 18500.Next week very important from time analysis perceptive.
Bank Nifty Monthly
Monthly chart finally saw correction after 6 Months of rise, bulls need to close above 19800 for momentum to come in their favor.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:19750
Bank Nifty Resistance:19900,20100,20500
Bank Nifty Support:19520,19250,19000
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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As bank nifty is marching towards 19900, what can be the expected levels for this expiry.