Bank Nifty Weekly Forecast after BJP Election Defeat

Last week we gave the Chopad level of 17370 Bank  Nifty gave short entry on Monday opening and achieved 2 target on downside, and was unable to close above chopad level of 17370 on single trading session.  Lets analyze how to trade market in coming week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty trading below 21/34 EMA , demand zone in range of 16750/16800.

Bank Nifty Channel


Bank Nifty unable to close above 17950 so started retracing back without touching the channel top.

Nifty Harmonic

Bank Nifty Harmonic

Shark harmonic pattern gets completed at 16622.

Gann Angles

Gann Angles

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


Self Explanatory Chart


Bank Nifty Gann Dates

Bank Nifty As per time analysis  09 Nov  is Gann Turn date , except a impulsive around this dates. Last week we gave  03 Nov Bank Nifty saw a volatile move .

Fibonacci technique

 Fibo Fans

Bank NIfty FR

Fibo levels to be watched in coming week, 16578/17084

Bank Nifty Weekly

Weekly AF

It was negative week, with the Bank Nifty down by 268 points  closing @17086  also unable to close above its 20/50 WSMA,for coming week. As discussed in last week analysis 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 . 16800 will be done today, below that 16662 possible. New time cycle started on bearish note.

BN Weekly Time Analysis

Bank Nifty Monthly

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:16650

Bank Nifty Resistance:16840,17000,17170

Bank Nifty Support:16500,16288,16000

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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