Last Week we gave Chopad Level 19420 Bank Nifty gave short entry on Monday and did all 3 target by Thursday as per chopad levels , Lets analyze how to trade bank nifty in coming week.
Bank Nifty Hourly
As discussed in last analysis 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.
Now for coming week 19116-19130 is important resistance zone, as support becoming resistance, unable to close above it we will break the low of 18824 and head towards 18500. Bullish only on close above 19320.
Bank Nifty Harmonic Pattern
As discussed in last analysis 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.
Weekly High made 19811 and than we saw 1000 point correction made low of 18824. Coming week break of 18824 can see fast move till 18500 and 18350 as per ABCD pattern.
Supply and Demand Analysis
As discussed in last analysis Bulls failed to hold 19650 now unable to close above 19650 we can see correction till 18800/18500
Bank Nifty close below 18850 can see level below 18450-18500. Bullish only on close above 19318.
Gann Angles
As per gann angles, break of 19800 bank nifty can see levels at 18500 where support lies.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 18/21 Oct is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 379 points closing @19020 forming bearish engulfing 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 18500.
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:19116
Bank Nifty Resistance:19320,19501,19750
Bank Nifty Support:19000,18780,18500
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.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863
Follow on Twitter during Market Hours: https://twitter.com/brahmesh
I have taken positions in Bank nifty 19400 CE for this weekly expiry, So please let me know what can be the trend for tomorrow and for the expiry.