Last Week we gave Chopad Level 20001 Bank Nifty gave Long entry on Tuesday, who took position as per Chopad levels were rewarded handsomely , as it did all 3 target by Wednesday. Lets analyze how to trade in coming week.
Bank Nifty Hourly
As discussed in last analysis Now Bulls need a close above 20000 for further move towards 20300/20500 which is double target of breakout zone.
Support comes at the lower end of AF @19840-19950 zone. Resistance at 20500. Break of any of the zone can see fast move of 300-400 points.
Supply and Demand Analysis
Bulls need to hold 19650 in correction for a move towards all time high of 20907.
As discussed in last analysis 19919 was high, Bulls were able to break 19500, Holding 19500 can see move towards 20500/20800/21000.
Bank Nifty has support is zone of 19840-19860 as seen in above gann angles chart.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 12/16 Sep is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 362 points closing @20245 forming shooting star pattern . Bank Nifty will now take resistance at upper end of AF line, closing above 20550 is important for bulls to march towards new high support at 19840 and 19500.
Bank Nifty Monthly
Monthly chart crossed fibo ratio at 23.6% after 6 months of rise. Holiding 19500 can see move towards all time high.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:20001
Bank Nifty Resistance:20155,20300,20550
Bank Nifty Support:19860,19690,19500
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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