Bank Nifty Weekly Forecast as we Enter New Time Cycle

By | January 8, 2017 9:50 pm

Last Week we gave Chopad Level 18170 Bank Nifty gave short opportunity on Monday which did the first target of 18000 and missed the second target by 30 points as low made was 17830 on Tuesday, Long Entry was Friday as Low made was 18157  which did 1 target on Upside at 18300  thus rewarding Chopad Followers on both long and short side.

Bank Nifty Hourly

Bulls need follow upmove above 18250 for a move till 18700, Unable to do so fall again till 17800/17400.

Bank Nifty Harmonic Pattern

Bank Nifty can move towards 18400/18500 to complete last leg of abcd pattern.

Supply and Demand Analysis

Bulls need a follow upmove as close above 18250 for a move towards 18524/18739. Bears need close is below 18000, fall can be seen till 17700/17400.

Gann Angles

Bank Nifty closed above 18250 suggesting bulls can push towards 18600/18900. Bears will get active below 18000 for a move towards 17800/17400.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 10/13 Jan  is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 86 points  closing @18265. Bank Nifty moved above the support at lower end of AF line as shown in above chart. Bank Nifty has been trading in the big range of 19000-17600 from last 8 weeks and trading around the lower end of AF line. Bulls need a follow upmove as close is above 18250 for move back to 18700//19000 and Bears below 17700 for a move towards 17000/16500. New Time Cycle starting from 10-25 Jan

Bank Nifty Monthly

Monthly chart finally closed above 18250, Bulls should get momentum now.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:18300

Bank Nifty Resistance:18450,18600,18740

Bank Nifty Support:18140,17960,17800

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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