What’s in store for Bank Nifty in upcoming truncated Diwali week?

By | October 15, 2017

Last Week we gave Chopad Level 24270  Bank Nifty did give multiple Entry as per Chopad Level Monday Long which did 1 target on Upside,Wednesday short which gave 2 target on downside  and Thursday which did all 3 targets on upside so multiple whipsaws which we saw last week were compensated and good money was made in per-diwali week, So overall Excellent week for chopad followers.  Lets see How to trade Bank Nifty in coming week, The upcoming week shall be a truncated one, owing to the two-day Diwali break on October 19 and October 20.

 

 

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

 

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.

Bottom made at gann angle and rally continues.waiting for 25200/25500/

Bank Nifty Gann Dates

Bank Nifty As per time analysis 18 Oct is Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 500 points  closing @24690 ,As discussed in Last analysis   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.

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.

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:24731

Bank Nifty Resistance:24980,25200,25378

Bank Nifty Support:24600,24476,24350

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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