Last week we gave the Chopad level of 17400 Bank Nifty gave long Entry on Monday opening and achieved 1 target High made was 17499 and our 1 Target 17510, Short Entry on downside was given on Wednesday and did 3 target on downside by Friday,Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty has been trading in the pyrapoint box from past many session as show in above box, Last Week Bank Nifty approached the higher end, and continue to trade in range.
Bank Nifty Harmonic
Bank Nifty is forming BAT pattern did a high of 17500 did not touch the target of 17600 as we were expecting. ABCD pattern got activated and did all the target as discussed in daily analysis.
In medium term Bank nifty is forming a Bearish Gartley pattern to complete bank nifty needs to rally tilll 18000, once the low of 16587 gets broken pattern gets invalidated.
Gann Angles with medium term view is shown above.
Bank Nifty Supply and Demand
Self Explanatory Chart
Bank Nifty Gann Dates
Bank Nifty As per time analysis 07/11 Dec is Gann Turn date , except a impulsive around this dates. Last week we gave 02 Dec Bank Nifty saw a volatile move .
Fibo levels to be watched in coming week, 16666/16926/17186
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 473 points closing @16897 also unable to close above its 20/50 WSMA,for coming week. WIll Bank Nifty make another attempt to touch the higher end of Andrew Pitchfork line.
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:16980
Bank Nifty Resistance:17090,17250,17500
Bank Nifty Support:16880,16700,16580
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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