Last Week we gave Chopad level of 28225 Bank Nifty gave long entry on upside on Monday got stopout and Short on Wedneday rewarded traders handosoemly 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. Thanks for donating generously for Kerala Relief Funds. I am very much humbled by the response , Lets keep them in our prayers to help them get over this tough times.
Bank Nifty Harmonic Pattern
ABCD Pattern can resume the last leg rally once we close abvoe 28000 for the completion of pattern till 28430.
Supply and Demand Analysis
Self Explanatory chart..
Planetary Cycles and Bank Nifty Movements
Bulls need a close above 27940 for a move back to 28068/ 28225/28400. Bearish below 27784 for a move back to 27656/27450/27225.
As discussed in last analysis Waiting for close above 28225 for a move back to 28368/28496.
Bulls got whipsawed now need to a close above 27920 for the up move to resume.Fresh shorts below 27739 only for a fast move towards 27656/27400.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 29 Aug is Pressure date , impulsive move can be seen around these dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 293 points closing @27834 .As discussed in last analysis 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.
Bulls got whipsawed and bears were able to do target. Now bulls need a close above 27940 for a move back to 28068/ 28225/28400. Bearish below 27784 for a move back to 27656/27450/27225.Important time cycle date for coming week is on 29 Aug
Bank Nifty Monthly
As discussed in last analysis Bulls need to close above 28400 for a move continue towards 29000. Bears will get active below 28000 for a move towards 27784/27500.
Low made was 27783 for the last week, so bears were able to to 1 target below 28000. Now till we are below 28000 bears can push index towards 27570/27250. Bullish above 28068 for a move back to 28225/28400.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:27920
Bank Nifty Resistance :28068,28225,28368
Bank Nifty Support :27784,27636,27444
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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