Bank Nifty Weekly Trend Analysis Post Diwali Week

By | October 22, 2017

Last Week we gave Chopad Level 24731  Bank Nifty did give Short Entry as per Chopad Level Monday as close was at 24703 which did all 3 target on downside, So overall Excellent week for chopad followers.  Lets see How to trade Bank Nifty in coming , post-Diwali week and with new time cycle starting from 23-Oct. Hope readers are getting benefited with the time cycle analysis.

 

 

Bank Nifty Harmonic Pattern

As discussed in Last analysis  Now bulls need a close above 24270 for a move towards 24476/24650/25000.24650 done now waiting for 25000/25377

Bulls failed to do target of 25000, high made was 24831 and fall started towards 24000. If 24000 is broken we can see fall towards 23475 as per Gartely pattern.

 

Supply and Demand Analysis

 

Self Explanatory chart..

Gann Angles

As discussed in Last analysis  Bottom made at gann angle and rally continues.waiting for 25200/25500/

Price has again revisited the gann angle,break of same can see gall till 23450/23000. Bullish above 24120 for a move towards 24250/24450.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 23 Oct is Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was negative week, with the Bank Nifty down by 675 points  closing @24005 ,As discussed in Last analysis   So when lot of time cycle confluence we get a blasting move and we were up 800 points in 2 trading days after 11 Oct time cycle date, Now bulls are waiting for next target of 24800/25000/25200.

24800 done but as soon as 24476 gone we saw the big move on downside, Now as new time cycle is starting on 23 oct and we are once again near the gann angle support, Holding 24000-23960 range we can see bounce back till 24250/24450. Bearish below 23930 for a move towards 23850/23700.

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:24120

Bank Nifty Resistance:24359,24476,24800

Bank Nifty Support:23960,23860,23680

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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