Last week we gave the Chopad level of 17580 Bank Nifty gave short entry made low of 17434 which did not achieve the target of 17360 and gave long entry @17580 and did 2 target on upside made high of 17947 near 3 target of 18000 . Lets analyze how to trade market in coming week as we have trading holiday on 22 October on account of Dusheera.
Bank Nifty Hourly
Bank Nifty hourly chart has shown Breakout above 17827 and heading towards 18050/18144.
Bank Nifty Channel
Bank Nifty is heading towards higher end of channel if closed above 18050/18144 towards 18315
Gann Box Analysis
Bank Nifty broke out of 1×1 line and heading towards 2×1 line @18050/18150.
Bank Nifty Supply and Demand
Bank Nifty 17950 is important level to watch breaking the same bank nifty will move towards 18019/18144 in short term.Breaking below 17631 can see mvoe towards 17368 and 17177 in short term. As shown in above chart gann swing point are in range of 18050/18092 so this zone needs to be watched cautiously.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 23 Oct is Gann Turn date , except a impulsive around this dates. Last week we gave 13/16 Oct Bank Nifty saw a volatile move .
Fibo Retracement levels are shown needs to watch these levels for coming week.
Bank Nifty Weekly
It was positive week, with the Bank Nifty down by 322 points closing @17912 also unable to close above its 20/50 WSMA,for coming week 17950 will play crucial role closing above it can move towards 18092/18144, Unable to close above it Bank nifty can move towards 17631/17368.We are approaching the end of current time cycle and new cycle will start from coming week.
Bank Nifty Monthly
Monthly chart broke @ 61.8 @ around 17600, need to see the sustenance above it.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17950
Bank Nifty Resistance:18050,18144,18315
Bank Nifty Support:17770,17580,17434
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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