Last Week we gave Chopad Level 24100 Bank Nifty gave Short Entry on Monday got 1 target on downside missed second target by 30 points and Long on Wednesday did 2 target on upside,so good week for Chopad followers.Lets see How to trade Bank Nifty in coming week with advent of new time cycle and Aug expiry.
Bank Nifty Hourly
Bank Nifty bears need to trade above 24200 for uptrend to continue till 23970/23755/23500. Bullish above 24480 for a move towards 24800/25000.
Bank Nifty Harmonic Pattern
Previous weeks BAT and ABCD pattern are still valid till we hold 24100, as we already did move till 24411. Now the was 24480 is acting as resistance bears will become active if we are unable to close above it and can push bank nifty towards 23800/23500 as per forming gartley pattern.
Supply and Demand Analysis
Self Explanatory chart..
Gann Angles
Bank nifty corrected from gann angle resistance as shown in above chart and now gann angle support at 23800 and bounce from that. Perfect trade in between gann angles. Above 24480 again a move towards 25000, Below 23100 move towards 23800/23500.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 28/31 Aug is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 199 points closing @24274 closing below the AF line, Bulls need a close above 24350 for a move towards 24500/24820/25000. Bearish below 24100 for a move towards 23950/23755/23540/23255/23000. New Time Cycle is starting from 28Aug-07 Sep
Bank Nifty Monthly
Now bears need close below 24000 for next move towards 23500/23000. Bullish above 24470 for a move towards 25000/25300.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:24336
Bank Nifty Resistance:24470,24650,24928
Bank Nifty Support:24180,23950,23755
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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