Last Week we gave Chopad Level 19250 Bank Nifty opened gap down and did not gave entry as per chopad levels , Lets analyze how to trade bank nifty in coming week.
Bank Nifty Hourly
Bank Nifty again failed to cross above the hourly trendline as shown in above chart,suggesting bulls are still not out of woods. Only close above 19800 can see hourly chart turning in favor of bulls. Break of 19000 can see fast downmove towards 18800/18500.
Bank Nifty Harmonic Pattern
We are forming a bearish ABCD pattern which can threaten the low formed on Surgical strike day for this pattern to get invalidated bulls need to break 19800 in coming week, else we are breaking 19000 and can see fast move towards 18800/18596.
Supply and Demand Analysis
As discussed in last analysis Bulls need to hold 19650 in correction for a move towards all time high of 20907.
Bulls failed to hold 19650 now unable to close above 19650 we can see correction till 18800/18500
As per gann angles, resistance at 20000 and support at 19000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 10 Oct is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 114 points closing @19400 forming gravestone doji pattern . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 4 weeks, Bulls need close above 20155 is important for bulls to march towards new high. support at 19500.
Bank Nifty Monthly
Monthly chart finally saw correction after 6 Months of rise, bulls need to close above 19800 for momentum to come in their favor.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:19420
Bank Nifty Resistance:19520,19650,19850
Bank Nifty Support:19310,19200,19000
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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