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 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.
Shark harmonic pattern gets completed at 16622.
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 .
Fibo levels to be watched in coming week, 16578/17084
Bank Nifty Weekly
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.
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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