Last week we gave the Chopad level of 17220 Bank Nifty gave Shorting opputunity @17220 for Chopad Followers and did all 2 targets on downside and again gave Long Opportunity did 1 target on upside thus rewarding Chopad Followers by 700 points. Lets analyze how to trade market in coming week.
Bank Nifty Hourly
Bank Nifty hourly chart is showing 21/34 EMA going flat suggesting range compression and we are bound to see range expansion in coming week, Breakout above 17652 and breakdown below 17100.
Bank Nifty Pyrapoint Indicator
Resistance@ 180 degree line and Support @225 ,pyrapoint also suggests big move is round the corner.
Gann Box Analysis
Bank Nifty needs to close below for 2×1 gann line for bears to attack till 2×1 line @17100 is held bulls are in control.
Bank Nifty Supply and Demand
Bank Nifty 17100 is important level to watch breaking the same bank nifty will move towards 16800/16500/16300 in short term.Breaking above 17650 can see mvoe towards 17820 and 18050 in short term
Bank Nifty Gann Dates
Bank Nifty As per time analysis 05 Oct/09 Oct is Gann Turn date , except a impulsive around this dates. Last week we gave 30 Sep Bank Nifty saw a volatile move .
Unable to cross 78.6 % fibo fans not a good sign for bulls
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 46 points closing @17150 . For coming week as AF median line is getting resisted unable to cross the same bank nifty will head towards 16800/16500 in short term.Holding the same 17800/18050 on cards.
Bank Nifty Monthly
Monthly chart get resisted @ 61.8 @ around 17600
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17220
Bank Nifty Resistance:17500,17640,17900
Bank Nifty Support:17000,16750,16500
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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