Last week we gave the Chopad level of 16840 Bank Nifty gave long entry on Monday opening and achieved 3 target on upside on the same day,Lets analyze how to trade market in coming week.
Bank Nifty Hourly
Bank Nifty trading in contracting triangle with range bound moves suggesting big move is round the corner. Break above 17300 can see move towards 17500/17600. Break below 16800 can see another move towards 16500.
Bank Nifty Harmonic
As discussed last week Bank Nifty made low of 16587 and bounced back, till 16587 not broken its buy on dips.
If 16986 not broken can see move towards 16576 as per CRAB pattern.
Gann Angles with medium term view is shown above, gann angles trading in a small range can see fask breakout or breakdown
Bank Nifty Supply and Demand
Self Explanatory Chart
Bank Nifty Gann Dates
Bank Nifty As per time analysis 24/27 Nov is Gann Turn date , except a impulsive around this dates. Last week we gave 16/20 Nov Bank Nifty saw a volatile move .
Fibo levels to be watched in coming week, 17150/17485/17594
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 122 points closing @17055 also unable to close above its 20/50 WSMA,for coming week. Bank Nifty took support at median level of AF line from past 2 weeks and holding the same heading towards the upper end again.
Bank Nifty Monthly
Monthly chart unable to close above @ 61.8 and unable to break 50% suggesting all rallies are sold into.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17050
Bank Nifty Resistance:17160,17288,17576
Bank Nifty Support:16950,16790,16533
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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