Last week we gave the Chopad level of 18920 Bank Nifty did 1 target on upside and 3 target on downside rewarding disciplined chopad followers. Lets analyze how to trade market in coming week .
Bank Nifty Hourly
Bank Nifty need to sustain above 4×1 line and close above 45 degree line for bulls to see breakout.Bounced from 2×1 line on downside suggesting good support in this range.
Bank Nifty Pyrapoint Indicator
Bank NIfty has been trading in the range of 135 and 90 degree pyrapoint angle, 90 degree has proved to be an elusive resistance from past 2 months and 135 degree strong support.
Bank NIfty held to 4×1 line saw a decent bounceback and heading towards 2×1 line @19050 should be seen closely in coming week.
Bank Nifty EW Daily
Use dips to keep accumulation quality banking stocks. Long term targets are still pending as shown above.
Who bought banking stocks should have been rewarded handsomely, profit booking is always advised.
Bank Nifty Supply and Demand
Bank Nifty rotated between Supply and Demand zone and rewarding traders who shorted at Demand zone and bought back at supply zone. Self Explanatory chart shown above.
Bank Nifty Gann Dates
Nifty As per time analysis 19 August/21 August is Gann Turn date , except a impulsive around this dates. Last week we gave 11 August/14 August Nifty saw a volatile move .
Heading towards 3×1 gann fan line.
61.8% retracement @19250 and 50%@ 19041 Also 18858/18600 should be closely watched for further price action.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 169 points closing @18723 forming hammer candlestick pattern . Support at median of AF line @18700 We are still in Bullish time cycle from 14 June till mid September, correction in between should be bought into with proper risk management. Hope traders are rewarded
Bank Nifty Monthly
Again Monthly unable to cross Breakout level.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18770
Bank Nifty Resistance:18900,19070,19185
Bank Nifty Support:18680,18560,18460
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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