Last Week we gave Chopad Level 23500 Bank Nifty gave Long Entry on Monday and did the third target by Thursday ,so good week for Chopad followers.As we have been discussing we are in impulsive time cycle and we got the expected 4% move in index in last 2 weeks, So time cycle worked till perfection. Lets see How to trade Bank Nifty in coming week.
Bank Nifty Hourly
As discussed in last analysis For coming week above 23540 bulls need move above 23750/24000. Bearish below 23100 for a move towards 22900/22650/22450.
23963 done,now bulls need a close above 24000 for a move till 24250/24500. Bearish below 23700 for a move towards 23500/23350.
Bank Nifty Harmonic Pattern
As discussed in last analysis Holding 23100 we can march towards 24000 as per Shark Pattern.
24000 done now holding 23730 can see next move towards 24250/24452.
Supply and Demand Analysis
Bulls should hold 23750-23800 range for the next round of upmove towards 24250/24500.Bearish below 23750 for a move towards 23500/23250.
As discussed in last analysis As per above chart Bulls need close above 23540 for a fast move towards 23750/24000. Bearish below 23100 for a move towards 22900/22640/22500
24000 done, now holding 23750 can see see next round of upmove towards 24350-24445 where next major resistance lies.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 17/20 July is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 488 points closing @23937 .As discussed in last analysis As per coming week time cycle we can expect a 3-4% move in next 2 weeks as we are nearing an impulsive time cycle, Bullish above 23300 for a move towards 23500/23700/24000. Bearish below 23100 for a move towards 22900/22640/22500.Low made was 23144 so 23100 not broken through out the week, once above 23300 bulls did 23500 and now waiting for 23700/24000. Bearish below 23100 for a move towards 22900/22640/22500
Bank Nifty did the target as expected, now we might consolidate the gains and till 23750 is held bulls can move up till 24250/24550. Bearish below 23750 for move till 23500/23250.
Bank Nifty Monthly
Bulls need to hold 23000 we can see move till 24144.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:24000
Bank Nifty Resistance:24144,24276,24444
Bank Nifty Support:23880,23730,23500
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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