Last Week we gave Chopad Level 19275 Bank Nifty gave Short entry on Monday which got stopped out on Tueday on gap up and traders who revered posiiton 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 Close above 19500 can move towards 19766/20000.
High made was 19911 so Bulls were to break 19500, Now Bulls need a close above 20000 for further move towards 20300/20500 which is double target of breakout zone.
Bank Nifty Harmonic
Holding 19500 bank nifty can move towards 21830 as per SHARK pattern.
Supply and Demand Analysis
Bulls need to hold 19732 for a move towards all time high of 20907.
As discussed in last analysis 19230 done now waiting for 19500 to be done, close above 19500 as per gann angles and lead to 20500/21000 in bank nifty.
19919 was high, Bulls were able to break 19500, Holding 19500 can see move towards 20500/20800/21000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 06/09 Sep is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 687 points closing @19884 forming Bullish engulfing pattern . Bank Nifty continue to Hold AF line and continue in uptrend.
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:20175,20400,20550
Bank Nifty Support:19850,19650,19500
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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