Last Week we gave Chopad Level 19580 Bank Nifty gave Short entry on Monday and did 3 target on downside ,which were rewarded handsomely. Lets analyze how to trade bank nifty in coming week.
Bank Nifty Hourly
As discussed in last analysis Bank Nifty need a close above 19750 for bulls to become active bears will get active below 19500 for targt of 19200/19000.
19000 done for coming week holding 18960 bounce towards 19500/19750/20000.
Bank Nifty Harmonic Pattern
As discussed in last analysis For coming week 19750 should be closely watched above it can see move till 20200 and below it 19000. 19000 done
For coming week Holding 190000 bounce towards 19750/20000.
Supply and Demand Analysis
As discussed in last analysisBulls need a close above 19750 for move towards 20264 else we can break 19000 and move towards 18500.
Low made was 18961, Now close above 19252 can see fast move towards 19732.
As per gann angles, bank nifty held on to gann angle suggesting holding the low of 18950 bank nifty can bounce again till 19600/19750/20000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 07/11 Nov is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 500 points closing @19058 . 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.
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:19252
Bank Nifty Resistance:19400,19620,19750
Bank Nifty Support:19050,18900,18750
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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your analysis is wright sir. thanks lot