Bank Nifty forms Bullish Engulfing pattern,Weekly Forecast

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

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

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.

Gann Angles

Gann Angles

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

Weekly AF

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

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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  1. Dhiraj said:

    Hi Bramesh, when should we expect a correction below 20000 level ? Banknifty has already surpassed a big Bullish rally from 17500 last month.. Do u see a correction in coming months??? Please answer

    September 6, 2016
  2. Bramesh said:

    thanks corrected..

    September 6, 2016
  3. H K Kella said:

    Dear Bramesh, this before line discussed above is confusing.

    “Now Bulls need a close above 20000 for further move towards 19300/19500 which is double target of breakout zone.”

    If my understanding is right, you meant, now bulls need a close above 20000 for further move towards 20300/20500 which is double target of breakout zone.

    Kindly correct me if I’m wrong.

    ….. K

    September 6, 2016

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