Last week we gave the Chopad level of 17906 Bank Nifty achieved 1 target on downside and 1 target on upside rewarding discipline chopad followers .Lets analyze how to trade next week.
Bank Nifty Hourly
Bank Nifty entered in demand zone and saw a strong bounceback. Till Holding below 21/34 EMA @bears have upper hand.Any close above 18300 will give a breakout and see bank nifty moving towards 18500/18600 levels/
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown, 18260 will play crucial levels next week.
Bank Nifty Pyrapoint Indicator
Traded well in the range of Pyrapoint Analysis Support @180 degree line , resistance at 270 degree line.
Supply Demand Zone
Self Explanatory chart depicting Supply and Demand zone.
Bank Nifty Channel
200 DMA is held so bulls have upper hand and close above 18300 can see bank nifty moving towards trendline resistance @19000 in medium term.
Bank Nifty Harmonic
Next round of up move above 18260 for 18500/18600.
Bank Nifty EW Daily
Use dips to keep accumulation quality banking stocks. Long term targets are still pending as shown by Pink region.
Bank Nifty Daily Gunner
On Daily chart near important Gunner resistance @1*1 line,close above it will lead to trend change
Bank Nifty Gann Dates
Bank Nifty As per time analysis 18 May/22 May is Gann Turn date , except a impulsive around this dates. Last week we gave 11 /14 May and Bank Nifty saw a volatile move on both the days .
Close near its 38.2 % retracement as per FF
38.2/50 % number is 18505/18894 should be watched.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 386 points closing @18183 , closing at the extended support line of Andrew Pitchfork and closing below its 20 WSMA and holding 50 WSMA , also we have seen contraction in weekly chart suggesting explosive move is round the corner. As per Gunner close above 18300 can see move till 18500/18800.Still in volatile time cycle.
Bank Nifty Weekly Gunner
Bank Nifty Monthly
Bank Nifty On Monthly chart prices got reject on higher end of Fibonacci channel now held the 78.6% retracement.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18300
Bank Nifty Resistance:18420,18580,18700
Bank Nifty Support:18000,17800,17600
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.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863