Bank Nifty Weekly Forecast ahead of State Election results

By | March 5, 2017

Last Week we gave Chopad Level 20920 Bank Nifty gave Short Entry  on Thursday as High made was 20905 did almost 2 target on downside, Low made was 20423. Lets analyze how to trade Bank Nifty as we  approach the crucial week before the election results will be declared on 11 March.

Bank Nifty Hourly

As discussed in last analysis Now for coming week 20750-20800 should be held for a move back till 21200/21450.  Bearish below 20750 for a move till 20500/20200.

Bank Nifty gave 1 whipsaw on downside as it broke 20750 but was not able to do target of 20560, next time it broke 20750 did the target till 20500. Now for coming week 20450 and 20750 are 2 levels to watch break on either side should give 300-400 point move.

Bank Nifty Harmonic Pattern

As discussed in last analysis For coming week till 20750 is held we can move all the way till 21200/21500.

Harmonic pattern failed in last week, coming week holding 20450 fast move towards 20720/20910/21450.

Supply and Demand Analysis

Now bulls should hold 20450 for a move towards 21200-21500. Break of 20450 fast downfall towards 20000.

Gann Angles

As discussed in last analysis Now Bulls need a close above 21000 for a fast move towards 22000.

Bulls need close above 21000 for a move towards 21500/22000/23000.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 08/10 March March is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was negative week, with the Bank Nifty down by 381 points  closing @20495 .As discussed in last analysis Now for coming week holding 20750-800 range we can see another up move towards 21200-21500. Bearish below 20750 for a move towards 20500/20280. Last cycle turned out to be another bullish cycle, We are starting new time cycle from 27 Feb-07 March with traders should look at 20750 on downside for a bearish move and 21000 on upside for bullish move. 

Bank Nifty gave 1 whipsaw on downside as it broke 20750 but was not able to do target of 20560, next time it broke 20750 did the target till 20500. Now for coming week 20450 and 20750 are 2 levels to watch break on either side should give 300-400 point move.

Bank Nifty Monthly

Monthly chart needs to hold 20000, Bulls to continue have upperhand towards 21450

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:20610

Bank Nifty Resistance:20780,20910,21110

Bank Nifty Support:20450,20310,20120

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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