Last week we gave the Chopad level of 18000 Bank Nifty gave short entry on Monday opening and achieved all 3 target on downside Lets analyze how to trade market in coming week.
Bank Nifty Hourly
This is what we discussed last analysis 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 was unable to close above 17950 and correct all the way down to 17170 where Hourly support lies and now going forward if support comes at 17000 and below that whole RBI move till 16700 can be retraced fast. On Upside 17479/17658 are resistance zone.
Bank Nifty Channel
Bank Nifty unable to close above 17950 so started retracing back without touching the channel top.
Gann Box Analysis
Bank Nifty broke out of 1×1 line and heading towards 4×1 line @17000/16946
Gann Angles with medium term view is shown above, till 1×1 blue line from bottom is not crossed all rallies will be sold into.
Bank Nifty Supply and Demand
As discussed in last analysis 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.
Now 17103/17025 are important support below that cluster of demand zone comes at 16886/16772/16648. Supply zone @17368/17663.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 03 Nov is Gann Turn date , except a impulsive around this dates. Last week we gave 23 Oct Bank Nifty saw a volatile move .
Fibo Retracement @61.8% retracement is where bank nifty is stalling.Now 17084/16890 should be seen.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 580 points closing @17354 forming bearish engulfing pattern and showed the follow up move of last week hanging man candlestick also unable to close above its 20/50 WSMA,for coming week 17000 will play crucial role closing above it can move towards 17368/175000, Unable to close above it Bank nifty can move towards 16800/16650 .New time cycle started on bearish note.
Bank Nifty Monthly
Monthly chart unable to close above @ 61.8 @ suggesting all rallies are sold into.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17370
Bank Nifty Resistance:17500,17668,17865
Bank Nifty Support:17025,16886,16660
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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