Last Week we gave Chopad Level 19975 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
As discussed in last analysis Bears below 19650 can see sharp pullback of 300-400 points.
Bank Nifty broke 19650 saw a sharp move of 600 points last week, Now for coming week 19000-19050 is important support zone, Holding the same we can bounce till 198000. Break of range can see down move till 18500.
Bank Nifty Harmonic Pattern
As discussed in last analysis Bearish Gartley pattern formed, unable to close above 20000 can see correction till 19400.
Now for coming week if 18800-19000 is held on Weekly basis we can see a fast rally towards 21000 in October month.
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 19451 and support at 18600.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 03/07 is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 616 points closing @19286 forming bearish engulfing pattern . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 3 weeks, Bulls need close above 20155 is important for bulls to march towards new high. support at 19800 and 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:19250
Bank Nifty Resistance:19400,19600,19850
Bank Nifty Support:19100,18950,18800
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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