Last Week we gave Chopad Level of 15176 Bank Nifty did 2 target on downside and on upside got stopped out, rewarding Chopad Followers with 350 points . Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts has formed Bearish Island Gap pattern, Till 14986-15000 is not taken out, Rallies will be used to Exit long and fresh shorts will come in Bank Nifty. Classic TA at work with Support becoming resistance.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is shows short term correction can get extended till 14645-14600 odd levels before a bounceback till 14800 odd levels.
Bank Nifty Daily
Bank Nifty daily as per Gann Box has broken and closed below the green line, next big support comes at blue line which is 4×1 line @14350-14400 odd levels.14950-15000 where green line is present will be a big resistance to cross in short term.
Bank Nifty Daily Elliot Wave
As per Elliot wave Theory on Daily chart, Bank Nifty is still trading in its sub wave c target comes at 14199.
Bank Nifty took support at 2X1 line of Fibo Fans Will it bounce this time ? or crash downward towards 3×1 line.
38.2% retracement @14702 is strong support, breaking below this 50% is the target @ 14379.
Bank Nifty Weekly
Bank Nifty Weekly chart as per Andrew Pitchfork again made an attempt to cross the AF line but unable to do so, This week 14450- 14500 needs to be watched closely if held we can see good bounce in Bank Nifty, breaking below this we can see sub 14000 levels.
We are in volatile time zone and hence big swings will be seen.
Bank Nifty Monthly
Bank Nifty as per monthly chart has 23.6% retracement @ 14004 where we can see the bounceback.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:14786
Bank Nifty Resistance:15046,15306,15556
Bank Nifty Support:14656,14396 and 14136
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
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