Last week we gave the Chopad level of 18686 Bank Nifty achieved 2 target on downside and 3 target on upside rewarding chopad followers by 900 points . Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
As discussed last weeek Bank NIfty hourly charts are approaching the demand zone as seen in hourly chart so range of 18600-18400 needs to be closely watched holding the same can see sharp and swift move on upside. Unable to do so can fall till 18000.
Bank Nifty reacted sharply and up more than 1200 points from lows. Now 19513-19950 zone needs to be closely watched any close above the same bank nifty is heading to 20K.
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown,19450 will play crucial role next week for the count mentioned above to work.
Bank Nifty EW Daily
This current dip should be used to start taking exposure to banking stocks as still higher targets are pending.
Bank Nifty Gann Box
Weekly chart has just close above the green line and closing above the same bank nifty is heading towards 20K
Bank Nifty Daily Bias
Bank Nifty after breaking the channel briefly is trying to enter back in up trending channel, Any close above 19550 will make sure bank nifty is back in channel and heading towards new life high.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 18 Feb/20 Feb is Gann Turn date , except a impulsive around this dates. Last week we gave 09 Feb/12 Feb Day and Bank Nifty saw a volatile move on that day .
Approaching the higher end of FF
Bank Nifty Weekly
Bank Nifty Weekly chart touched the middle line of Andrew Pitchfork and should give now sharp and swift upside move. AS discussed last week Also the new time cycle started on negative note and 2 negative weeks are over so time to use dips to buy quality banking stocks.
Bank Nifty Monthly
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:19466
Bank Nifty Resistance:19596,19726,19986
Bank Nifty Support:19336,19076,18816
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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