Last Week we gave Chopad Level 16650 Bank Nifty gave Long/Short entry on Monday and did all 2 target on upside and 1 target on downside thus rewarding discipline chopad followers by 350 points. Lets analyses how to trade Bank nifty in coming expiry week.
Bank Nifty Hourly
Coming week, break of 16500 can see move towards 16245/16100. Bullish only above 16792 for 17000/17200.
Bank Nifty Harmonic
Coming Week break of 16400 we will see 16245/16104.
As discussed last week Beauty of Gann Angle again Bank Nifty reacted from gann angle line, as shown above till its not crossed bulls will remain on back foot. Bears will be active below 16188 only, Between the range time correction. So both bulls and bears got fired in time correction.
Bank Nifty Supply and Demand
As discussed last week Holding 16471-16500 move towards 17000 else 16188/16000 on cards.
High made 17000, Coming week unable to close above 16471/16500 can see move towards 16188/16000. Close above 16500 Tgt 16793/17000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 24/26 May is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 235 points closing @16481 closed above the upper end of the AF line, As discussed last week Now for coming week 16471-500 will play crucial role, holding it move towards 17000 and below it 16188 is again on cards.
High made was 16903 and retraced back, Now for coming week close below 16431 can see bank nifty move towards 16188/16000. Close above 16500 can move towards 16792/17000.
Bank Nifty Monthly
Monthly chart forming INSIDE CANDLE till now and fighting for 50% fibo ratio.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16610
Bank Nifty Resistance:16760,16910,17077
Bank Nifty Support:16450,16310,16188
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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