Bank Nifty Weekly Forecast for 02-06 May

Last Week we gave Chopad Level 16800 Bank Nifty gave Long entry on Tuesday which did 1 target on Monday Longs taken got Stopped out on Thursday and Shorts initiated on Thursday did 2 target on downside low made was 16527 which was near our 2 target of 17500. Lets analyses how to trade Bank nifty in coming week, Will the age old adage , “SELL IN MAY AND GO AWAY” hold true in May month.

Bank Nifty Hourly

gann circle


As discussed last week  Gann Circle has been able to capture top at the end of each circle. Watch the change in color at circle end to understand the concept. Sharing it for educational purpose.

Weekly Gunner

Now coming week close above 16800 can see move towards 17067 and close below 16500 can see move back to 16200/16150.

Bank Nifty Harmonic


Holding 16500 heading towards 17005/17081 as per SHARK pa

Gann Angles

Gann Angles

As discussed in last analysis Now close above 16800 heading towards 17000/17150.

17029 done, and Bank Nifty reacted from gann angle, so bulls will become active only above 17080, and bears below 16500.

Bank Nifty Supply and Demand


As discussed in last analysis Closed above 16188 last week should see a move towards 16800/17032.

High made 17029 :).  Now for coming week 16500 should be watched above it 17000 and below it move towards 16188.

Bank Nifty Gann Dates

Bank Nifty As per time analysis  02/06 May is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

Weekly AF

It was positive week, with the Bank Nifty up by 91 points  closing @16795 closed above  the upper end of the AF line as shown above. As we have been discussing  Now Holding AF line 16300/16400 we are heading towards 17067/17500. 17030 done, Now for coming week 16500 will play crucial role holding the same we can bounce towards 17000/17250.

Bank Nifty Monthly

Bank Nifty Monthly

Monthly chart bounced from 61.8% as discussed last week. As discussed in last analysis Now crossing/closing  above 16800 which is 50% will be very bullish short term. Bank Nifty closed at 16695

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:16800

Bank Nifty Resistance:16920,17040,17265

Bank Nifty Support:16650,16500,16280

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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  1. Bramesh said:

    Thats depends on your risk management..

    May 2, 2016
  2. Krishnaraj said:

    Sir, What would be the TSL for Chopad levels?

    May 1, 2016

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