Last Week we gave Chopad Level 20001 Bank Nifty opened with gap down, hence not giving any opportunity to enter trade, Longs got triggered on Friday but did the 1 target on upside , Shorts triggered on Friday below 20001 did the first target of 19850. Lets analyze how to trade bank nifty in coming week. We salute all those martyred in Uri. Their service to the nation will always be remembered. Our thoughts are with the bereaved families.
Bank Nifty Hourly
On Hourly chart bulls need to held 19700-19650 zone,holding the same bulls can 20000/20250. Bears below 19650 can see sharp pullback 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 19650-19700 as seen in above gann angles chart.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 19/23 Sep is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 389 points closing @19855 forming gravestone doji pattern . Bank Nifty took resistance at upper end of AF line as discussed in last analysis, Bulls need close above 20550 is important for bulls to march towards new high support at 19840 and 19500. Below 19650 bears can push towards 19300/19000.
Bank Nifty Monthly
Monthly chart crossed fibo ratio at 23.6% after 6 months of rise. Holding 19500 can see move towards all time high.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:19800
Bank Nifty Resistance:20145,20300,20550
Bank Nifty Support:19650,19450,19300
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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