Bank Nifty Weekly Forecast as We approach new Time Cycle

By | February 12, 2017

Last Week we gave Chopad Level 20309 Bank Nifty gave Long Entry  on Monday and did 1 target on Upside, Shorts also got triggred below 20309 on Wednesday which were rewarded  which did 1 target on downside. A Perfect week which consolidated last 2 week gain, Coming week is very crucial we are approaching confluence of date in between 13-15 Feb which can show some fast move.

Bank Nifty Hourly

Bank Nifty is trading at lower end of channel as shown in above chart Holding 20150/20100 can bounce towards higher end of 20500/20800. Below 20000 bearish for a move towards 19750/19500.

Bank Nifty Harmonic Pattern

ABCD harmonic pattern is formed on Daily chart with target of 21000 holding 20000 low formed on RBI day.

Supply and Demand Analysis

Till 20000 is held of weekly basis we can move towards 21000.

Gann Angles

Bank Nifty bounced from gann support zone can now move towards 20500/21000, Very clean moved captured using gann angles.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 13 Feb/15 Feb is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 17  points  closing @20213 . Close above 20500 will be very bullish in extreme short term and can scale towards new high. Strong support at 19500.As per time analysis accept a move of 500-600 points in coming week. 

Bank Nifty Monthly

Monthly chart needs to hold 19000, Bulls to continue have upperhand towards new life high.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:20309

Bank Nifty Resistance:20450,20660,20800

Bank Nifty Support:20150,19980,19750

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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