Bank Nifty Weekly Technical outlook for Pre-Diwali week

By | October 8, 2017

Last Week we gave Chopad Level 24100  Bank Nifty did give multiple Entry as per Chopad Level Tuesday  and Thursday and gave multiple whipsaws, So overall good BAD week for chopad followers.  Lets see How to trade Bank Nifty in coming week, Hopefully to get range expansion on trend change date of 11 Oct

 

 

Bank Nifty Harmonic Pattern

As discussed in Last analysis Now we are forming bullish shark pattern so bank nifty can rally towards 23476/23700/25000 till we are holding 24000.

Now bulls need a close above 24270 for a move towards 24476/24650/25000.

 

Supply and Demand Analysis

 

Self Explanatory chart..

Gann Angles

As discussed in Last analysis  Till we are holding 23610 we can bounce back to higher end of gann angle.

We saw small bounce back and we will add more once we close above 24270.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 11 Oct is Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 137 points  closing @24190 ,As discussed in Last analysis  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.

We expected a big move but bank nifty tested our patience and moved in sideways zone, Whenever time cycles are delayed we get a big move in short time, so patience of of traders should be rewarded in next week as in above chart lot of time cycle line are coming together. Bullish above 24270 for a move towards 24480/24650/24800. Bearish below 24000 23850/23610.

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:24270

Bank Nifty Resistance:24381,24480,24650

Bank Nifty Support:24150,24000,23850

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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2 thoughts on “Bank Nifty Weekly Technical outlook for Pre-Diwali week

  1. kaushik dana

    sir what is the tme frame on which u r drawing supply demand zones / and which is the most reliable frame to draw zones . regards

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