Last week we gave the Chopad level of 18830 Bank Nifty did 1 target on upside . Lets analyze how to trade market in coming week as we have CPI and IIP data scheduled for coming week.
Bank Nifty Hourly
Bank Nifty need to sustain above 16×1 line and close above 45 degree line for bulls to act else 18700/18600 can be seen.
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 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 Gann Dates
Bank Nifty As per time analysis 11 August/14 August is Gann Turn date , except a impulsive around this dates. Last week we gave 04 August/07 August Nifty saw a volatile move .
61.8% retracement @19250 and 50%@ 19041 Also 18858/18600 should be closely watched for further price action.
Supply and Demand Zone
Supply and Demand zone are shown above, Bank Nifty still unable to close/touch the supply zone of 19141.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 163 points closing @18893 . Upper end of AF line comes around 18593/18650 so once 19150 is crossed we can see move towards 18600. 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:18920
Bank Nifty Resistance:19000,19230,19400
Bank Nifty Support:18900,18750,18570
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