Last Week we gave Chopad Level 19810 Bank Nifty gave Long entry on Monday and did 3 target on Downside by Wednesday thus rewarding discipline chopad followers handsomely. Lets analyze how to trade bank nifty in coming week as we approach November expiry.
Bank Nifty Hourly
As discussed in last analysis For coming week 19800 holds key above it another up move towards 20300/20800.Bearish below 19300 for a move towards 18750
For coming week bulls need an hourly close above 19000 for move towards 19500 unable to do so fall till 18750/18500.
Bank Nifty Harmonic Pattern
As discussed in last analysis For coming week 19800 holds key above it another up move towards 20300/20800.Bearish below 19300 for a move towards 18750
Holding low of 18800 and daily closing above 19000 can see move towards 19608.
Supply and Demand Analysis
Close above 19858 is important for bulls and below 18751 for bears.
Gann Angles
As per gann angles, bank nifty is near support area, and can see fast move of 500-600 points. Close above 19000 can see move towards 195000 and close below 18900 fast move towards 18400/18200.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 23/25 Nov is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 779 points closing @18959 . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 12 weeks, Bulls need close above 19500 is important for bulls to march towards 20000/20220, support at 18500.
Bank Nifty Monthly
Monthly chart finally saw correction after 6 Months of rise, bulls need to close above 19500 for momentum to come in their favor.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:19000
Bank Nifty Resistance:19239,19581,19860
Bank Nifty Support:18850,18700,18500
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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Long bnf 19400. Should I close position.
Following your levels and these are superbb
thanks..
Sir do you suggest, working in BNF options.? how to spot opportunity.
If a trader has been trading successfully for at least 5 years and having capital more than 10 lakhs should trade in options as per my limited trading knowledge.
Rgds,
Bramesh
Crystal clear analysis Salute to You sir
Regards