Bank Nifty Technical Analysis,Weekly Outlook

By | October 31, 2016

Last Week we gave Chopad Level 19750 Bank Nifty gave Long entry on Monday and did 1 target on upside, Long trades got stopped out in gapdown but the bank nifty made high at 19725 giving shorts entry opportunity , which were rewarded handsomely  as Bank Nify did 2 target on downside low made was 19252 and our target was 19250.  Lets analyze how to trade bank nifty in coming  week.

Bank Nifty Hourly

bank-nifty-hourly

As discussed in last analysis Now for coming week 19750 will be laxman rekha for bulls and bears above it we will see 20000/20400. Unable to cross below it target 19300/19000.

Bank Nifty need a close above 19750 for bulls to become active bears will get active below 19500 for targt of 19200/19000.

Bank Nifty Harmonic Pattern

gartley-bank-nifty

For coming week 19750 should be closely watched above it can see move till 20200 and below it 19000.

Supply and Demand Analysis

weekly_sd

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Bulls need a close above 19750 for move towards 20264 else we can break 19000 and move towards 18500.

Gann Angles

gann-angles

As per gann angles, bank nifty again held on to gann angles close above 19750-19800 is important for next up move towards 20200/20500. Bearish on close below 19500.

Bank Nifty Gann Dates

Bank Nifty As per time analysis  02 Nov  is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

weekly-af

It was negative week, with the Bank Nifty down by 154 points  closing @19523 . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 5 weeks, Bulls need  close above 20155 is important for bulls to march towards new high, support at 18500.Next week very important from time analysis perceptive.

Bank Nifty Monthly

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:19580

Bank Nifty Resistance:19750,19900,20200

Bank Nifty Support:19400,19250,19000

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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2 thoughts on “Bank Nifty Technical Analysis,Weekly Outlook

  1. Prince Thamburaj

    On 26th October, Banknifty made a spike high of 19725, due to a freak spike in HDFC bank. There was no such spike in Banknifty future or any option contract. Rameshji, please explain how could any trader get a short entry at that level ?

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