Last week we gave the Chopad level of 16980 Bank Nifty gave short entry and continued with the fall throughout the week achieved all 3 target on downside. Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty finally broke the pyrapoint range and saw a big fall, range breakdown happened support at 16000 levels as shown below where shorts should part book.
Bank Nifty Harmonic
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.
BAT pattern is invalidated now Gartley pattern will complete around 16024 levels, holding the same we can see bounceback.
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 16 Dec is Gann Turn date , except a impulsive around this dates. Last week we gave 07/11 Dec Bank Nifty saw a volatile move .
Fibo levels to be watched in coming week, 16292/15819
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 554 points closing @16342 also unable to close above its 20/50 WSMA, closed near 100 WSMA and also taking support near middle of AF 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:16250
Bank Nifty Resistance:16350,16540,16751
Bank Nifty Support:16050,15900,15760
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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