Bank Nifty Weekly Forecast for 30 Oct-04 Nov

Last Week we gave Chopad Level 24120  Bank Nifty gave Short Entry as per Chopad Level Monday but was stopped out, Longs were triggered on 24 Oct before the big gap up we saw due to bank recapitalization news  and did all 3 Targets on upside, so good week for Chopad followers after Diwali. Lets see How to trade Bank Nifty in week.

 

 

Bank Nifty Harmonic Pattern

Shark pattern target for this move is 25377.

 

Supply and Demand Analysis

 

Self Explanatory chart..

Gann Angles

As discussed in Last analysis  Price has again revisited the gann angle,break of same can see fall till 23450/23000. Bullish above 24120 for a move towards 24250/24450.

Bank Nifty Bulls were 3 time lucky as we bounced again from gann angle and saw a big boucneback, Now Bulls need close above 25200 for a move towards 26000.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 31 Oct /02 Nov is Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 830 points  closing @24840 ,As discussed in Last analysis  Now as new time cycle is starting on 23 oct and we are once again near the gann angle support, Holding 24000-23960 range we can see bounce back till 24250/24450. Bearish below 23930 for a move towards 23850/23700.

Bank Nifty made low on 19 Oct and rallied all the way 10355 doing our target. Now for coming week till we are holding 10301 bulls can rally till 25000. Bearish below 24800 for a move till 24476/24000. Bullish above 25000 for a move towards 25200.

Bank Nifty Monthly

Bank Nifty Bulls now need to close above 25200 for a move towards 26000.  Bearish below 24800 for a move towards 24476/24000.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:25000

Bank Nifty Resistance:25200,25380,25500

Bank Nifty Support:24800,24650,24500

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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