Last Week we gave Chopad Level 21156 Bank Nifty gave perfect short entry chopad followers and did 1 target on downside. Long triggered on Tuesday did all 3 target on upside thus rewarding disciplined Chopad followers . Lets Analyze how to trade Nifty as we are approach the New Financial Year. Trading Resolution for Financial Year 2017-18
Bank Nifty Hourly
As discussed in last analysis Bank Nifty bounced from the lower end of channel suggesting 20750 will remain strong support and rally can extend towards 21500. Below 20750 can fall till 20500/20300.
Low made 20979 and rallied till 21696, Coming week 21350 needs to be hold for a move till 21800/22000. Below 21350 fall till 21000/20870
Bank Nifty Harmonic Pattern
As discussed in last analysis Another important ABCD pattern is forming till 20750 is held we can see move towards 21600.
ABCD target done now bulls need to hold 21350 for a move till 21850/21890.
Supply and Demand Analysis
As discussed in last analysis Bulls now need to hold on 20870 weekly closing basis for the upmove to continue till 21500/21800/22000.
21500 done now waiting for 21800/22000 till we hold 21350.
As discussed in last analysis Bank Nifty bulls now need to hold 21000 and close above 21300 for a move till 21500/21800/22000.
21500 done now bulls need to hold 21300 for a move till 21800/22000
Bank Nifty Gann Dates
Bank Nifty As per time analysis 03 April is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 321 points closing @21444 .As discussed in last analysis Close above 21300 can see fast move towards 21500/21800. Support at 21000 break of which we can see move towards 20750/20500. Next time cycle start from 27 March till 04 April. Till 21000 is held cycle will remain positive. Break of 21000 can see move towards 20500 in this time cycle. High made 21696 so bulls did weekly target of 21500,Also low made on 27 March and rallied 600 points from that level. Now for coming week bulls need to hold 21320-21350 range for the upmove towards 21800/22000. Bears below 21300 can push bank nifty to 21000/20850.
Bank Nifty Monthly
Monthly chart needs to hold 20500, Bulls to continue have upperhand towards 22000
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:21500
Bank Nifty Resistance:21700,21850,22020
Bank Nifty Support:21350,20151,21000
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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