Last Week we gave Chopad level of 28064Bank Nifty gave long entry on upside on Friday and did not do even the 1 target as high made was 28178 so bad week for chopad followers. Lets see how we trade bank nifty in coming week. Humble request to all blog readers Kerala is facing its worst flood in 100 years. 80 dams opened, 324 lives lost and 223139 people are in about 1500+ relief camps. Your help can rebuild the lives of the affected. Donate to https://donation.cmdrf.kerala.gov.in. Donate Generously,Every Rupee Counts in this hour of need.
Bank Nifty Harmonic Pattern
As discussed in last analysis Price has completed the ABCD pattern, levels on short side are mentioned as in above chart. Bullish above 28400 only.
Low made was 27740 so almost did the 2 target on downside. Now Bulls need a close above 28225 for rally towards 28430 target of ABCD Pattern.. Bearish below 28064 for a move back to 27900/27739.
Supply and Demand Analysis
Self Explanatory chart..
Planetary Cycles and Bank Nifty Movements
Closed above the planetary line, Till 28064 is held rally towards 28225/28368/28500. Bearish below 28050 for a move back to 27900/27784.
As discussed in last analysis All Bullish target done, Now bulls need a close above 28400 for a move towards 28600/28800.
Waiting for close above 28225 for a move back to 28368/28496.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 20/23 Aug is Pressure date , impulsive move can be seen around these dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 4 points closing @28128 .As discussed in last analysis All Bullish target done now we are entering a trend change week as per blue line on above chart, Now bulls need a close above 28400 for a bullish move to continue towards 28666/28888/29000. Bearish below 28064 for a move towards 27920/27784/27495.
Now Bulls need a close above 28225 for rally towards 28430 target of ABCD Pattern.. Bearish below 28064 for a move back to 27900/27739.
Bank Nifty Monthly
Bulls need to close above 28400 for a move continue towards 29000. Bears will get active below 28000 for a move towards 27784/27500.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:28225
Bank Nifty Resistance :28368,28512,28656
Bank Nifty Support :28064,27900,27739
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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