Last week we gave the Chopad level of 17950 Bank Nifty gave short entry made low of 17565 achieved 2 target on downside Lets analyze how to trade market in coming week as we have October expiry.
Bank Nifty Hourly
Bank Nifty hourly chart faced multiple resistance @17950, close above 17950 can see move towards 18084/18144 in short term, Support at 17850/17780.
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 17652 can see move towards 17565 and 17450 in short term. As shown in above chart gann swing point are in range of 18084/18144 so this zone needs to be watched cautiously.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 28 Oct is Gann Turn date , except a impulsive around this dates. Last week we gave 23 Oct Bank Nifty saw a volatile move .
Fibo Fans @61.8% retracement is where bank nifty is stalling.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 21 points closing @17934 forming hanging man candlestick 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 17652/17450.New time cycle started on muted note.
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:18000
Bank Nifty Resistance:18080,18240,18410
Bank Nifty Support:17820,17680,17535
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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