Last Week we gave Chopad Level of 14786 Bank Nifty did 1 target on upside , rewarding Chopad Followers with 200 points . Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts has been rallying and the zone of 15150-15200 is supply zone, closing above it only fresh buying can be seen.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is shows short term correction can get extended till 14875-14800 odd levels before a bounceback till 15000 odd levels.
Bank Nifty Daily
Bank Nifty daily as per Gann Box is near its 4×1 the green line, next big resistane, closing above it for 2 days Bank Nifty will head towards 8×1 line.
Bank Nifty Daily
Bank Nifty is forming triangle on daily chart rangebound moves will be seen in range of 14800-15200 till breakout/breakdown happens
Bank Nifty Gann Dates
19-Aug is Gann turn date for Bank Nifty
Bank Nifty took support at 2X1 line of Fibo Fans Will it bounce this time ? or crash downward towards 3×1 line.
26.6% retracement @15100 is strong resistance , breaking below this 38.2 % is the target @ 14700. Breaking above its 15200/15400 is target.
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 15150-15200 needs to be watched closely if held we can see good bounce in Bank Nifty, breaking below 15000 we can see sub 14800 levels.
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:15176
Bank Nifty Resistance:15306,15436,15556
Bank Nifty Support:15046,14916 and 14786
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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