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..
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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