Last week we gave the Chopad level of 19336 Bank Nifty achieved 3 target on upside rewarding trend followers by 520 points. . Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
As discussed last week new high came, Now high of 20116 should be watched closing above it can see bank nifty marching towards 20500/20600 Strong support @19900/19800 range.
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown,20300 will play crucial role next week.
Bank Nifty EW Daily
As per EW on daily chart we are approaching major target of the current move so its prudent to book some profit in range of 20300/20500 and wait for correction to load again.
Bank Nifty Daily Bias
Bank Nifty need to cross 20116 for the bullish momentum to sustain, unable to cross can we down move till 19900/19700.
Bank Nifty Gann Dates
As per time analysis 28Jan +- 1 day is Gann Turn date , except a impulsive around this date.Last week we gave 21 +- day Jan and Bank Nifty saw explosive up move on 20 Jan.
Bank nifty also approaching the weekly resistance of Fibo Fans so time to be cautious.
Bank Nifty Weekly
Bank Nifty Weekly chart is now approaching the upper resistance zone of AF as shown in above chart so it time to be cautious on longs but still no shorting signal.
Bank Nifty Monthly
Bank Nifty is also approaching the Monthly trendline resistance so as all time frame we are near resistance zone so its best to book profit and trail remaing positions till we get clear signal.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:20116
Bank Nifty Resistance:20246,20506,20636
Bank Nifty Support:19986,19856,19596
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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