Last Week we gave Chopad Level 24912 Bank Nifty opened above the chopad level, Hence chopad followers were unable to take trade till Wednesday. On Thursday Short Triggered and did 3 target on downside by Friday as crucial trend change date of 23 Sep showed its effect, So overall good week for chopad followers. Lets see How to trade Bank Nifty in coming week as we approach the trade set up with confluence of time cycle coming in 25-26 Sep.
Bank Nifty Harmonic Pattern
As discussed in Last analysis 25000-25050 is crucial zone for bank nifty unable to cross that we can see fall till 24510/24000.
Bank Nifty made high of 25105 but was not able to close above 25050 for a single session, suggesting pattern is active and we can see fall towards 24000/23580/23500 in coming week till we close below 24510 bears can take bank nifty towards 24000/23875/23500.
Supply and Demand Analysis
Self Explanatory chart..
Gann Angles
As Discussed in Last Analysis 25000 done , now next target above 25050 is 25300-25500.
Bank Nifty unable to close above 25050 and saw the fall and is heading towards the lower end of range at 23888.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 25/26 Sep Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty up by 473 points closing @24368 , As Discussed in Last Analysis Bullish above 25050 for a move towards 25200/25323/25500. Bearish below 24480 for a move towards 24250/24000. Now the date of 23-26 Sep are very important as per time analysis and we can see the trend change in market around these date.
Bullish trade did not trigger as bank nifty was never able to close above 25050 and traders who would have taken position should have covered in intraday, But bearish trade played out perfectly below 24480 also the trend change date of 23 Sep, Time Analysis gives an additional edge in trading, now for coming week there are different time cycle confluence on 25-26 Sep so trade cautiously around these date. Bearish below 24250 for a move towards 24000/23875/23500. Bullish above 24510 for a move towards 24750/24994.
Bank Nifty Monthly
Now bears need close below 24000 for next move towards 23500/23000. Bullish above 24470 for a move towards 25000/25300.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:24245
Bank Nifty Resistance:24480,24740,24990
Bank Nifty Support:24110,23965,23740
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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Nicely evaluated.