Bank Nifty Weekly Forecast for RBI Policy Week

By | October 2, 2017

Last Week we gave Chopad Level 24245  Bank Nifty did give Entry as per Chopad Level Monday and Wednesday Discipline Chopad Followers were rewarded handsomely as  Bank Nifty  did all 3 target on downside as confluence of time cycle coming in 25-26 Sep showed its effect, So overall good week for chopad followers.  Lets see How to trade Bank Nifty in coming week as we approach the trade set up with RBI Policy on 04 Dec which is also a Crucial Trend change date. Hope readers are getting benefited with the time cycle analysis.

 

 

Bank Nifty Harmonic Pattern

As discussed in Last analysis Bank Nifty made high of 25105 but was not able to close above 25050 for a single session, suggesting pattern is active and we can see fall towards 24000/23580/23500 in coming week till we close below 24510 bears can take bank nifty towards 24000/23875/23500.

Low made 23611 so target were done, Now we are forming bullish shark pattern so bank nifty can rally towards 23476/23700/25000 till we are holding 24000.

 

 

Supply and Demand Analysis

 

Self Explanatory chart..

Gann Angles

As Discussed in Last Analysis  Bank Nifty unable to close above 25050 and saw the fall and is heading towards the lower end of range at 23888.

23888 done and bounced from lower end of gann angle as shown in above chart. Till we are holding 23610 we can bounce back to higher end of gann angle.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 04/06 Oct Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was negative week, with the Bank Nifty down by 315 points  closing @24053 , As Discussed in Last Analysis But bearish trade played out perfectly below 24480 also the trend change date of 23 Sep, Time Analysis gives an additional edge in trading, now for coming week there are different time cycle confluence on 25-26 Sep so trade cautiously around these date. Bearish below 24250 for a move towards 24000/23875/23500. Bullish above 24510 for a move towards 24750/24994.

2 Bearish target done, Now till 23963 is held bulls can move towards 24310/24480 which is major resistance zone.  Bullish above that for a new high towards 25000/25200. Bearish below 23960 for a move till 23770/235000.  04 Oct which is RBI day is also a Time cycle date so expect a bombastic move.

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:24100

Bank Nifty Resistance:24250,24480,24750

Bank Nifty Support:23963,23700,23500

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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