Last week we gave the Chopad level of 17220 Bank Nifty opened with Huge gap down and did not give any opputunity for Chopad Followers to take entry. Lets analyze how to trade market in coming week.
Bank Nifty Hourly
Bank Nifty as per Gann Wedge and Arc 16450 should be broken for further upmove and end of bearish trend and break of 15900 can push towards 15750/15389 odd levels.
Bank Nifty Pyrapoint Indicator
Resistance@ 270 degree line and Support @315
Bank NIfty is heading towards channel bottom around 15750 odd levels where relief rally can occur.
Bank Nifty Supply and Demand
Bank Nifty if 15750 broken can see move till 15389 which is next support zone.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 08/10 September is Gann Turn date , except a impulsive around this dates. Last week we gave 31 August/04 September Bank Nifty saw a volatile move .
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 1042 points closing @16130 forming bearish engulfing candlestick pattern . Strong Support at 15750 which if broken can see bank nifty correcting till 15150 odd levels and if held can see move till 16500/16750.
Bank Nifty Monthly
Monthly chart has broken 50% Fibo retracement and heading towards 38.2 @ around 15750/15600.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16000
Bank Nifty Resistance:16250,16470,16670
Bank Nifty Support:15900,15750,15590
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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