Last Week we gave Chopad Level 16800 Bank Nifty did not give entry as High made 16719 did not touch chopad level of 16800. 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
As discussed last week Now coming week close above 16800 can see move towards 17067 and close below 16500 can see move back to 16200/16150.
Both target done, coming week below 16188 15800/15500. Above 16500 Tgt 16800/17100.
Bank Nifty Harmonic
Holding 16188 heading towards 16800 as per SHARK pattern
As discussed in last analysis Bank Nifty reacted from gann angle, so bulls will become active only above 17080, and bears below 16500.
Bears activated below 16500 and did 16188, Bull only above 16500 now.
Bank Nifty Supply and Demand
As discussed in last analysis Now for coming week 16500 should be watched above it 17000 and below it move towards 16188.
Low made 16186 and bounced. Coming week holding 16188 move towards 16500/16800,below it 16500/16316.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 11 May is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 498 points closing @16296 closed near the upper end of the AF line as shown above. 16188 will play a crucial role in coming 2 weeks as closing below it can see bank nifty moving towards 15800/15500.Holding the same back to 16800
Bank Nifty Monthly
Monthly chart took resistance at 50% and support at 61.8%.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16400
Bank Nifty Resistance:16600,16792,16933
Bank Nifty Support:16188,16050,15833
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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