Last Week we gave Chopad Level 25550 Bank Nifty gave Short Entry as per Chopad Level Monday did 2 target on downside, so good week for Chopad followers.Longs were not triggered as bank nifty opened with gap up on Friday. Lets see How to trade Bank Nifty in week as we approach the crucial trend change date of 22 Nov.
Bank Nifty Harmonic Pattern
As discussed in Last analysis Waiting for ABCD pattern target of 25963 holding 25350.
ABCD Pattern target done.
Supply and Demand Analysis
Self Explanatory chart..
As discussed in Last analysis For coming week bulls should hold 25350 for another attempt to break the higher end of gann angle above 25700.
Thursday bank Nifty closed 25350 on Thursday and single day did 25700. Now bulls should hold 25550-600 range for the upmove to continue.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 22 Nov is Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 229 points closing @25728 ,As discussed in Last analysis Next week Bulls need to hold 25350 for uptrend to continue else bears can become active below 25200 and see fast fall towards 25000/24800.
Bank Nifty made low of 25166 but was not able to close below 25200 on any given day, Thursday bank Nifty closed 25350 on Thursday and single day did 25700. Now For coming week 22 Nov is another major trend change date Bank Nifty bulls need to hold 25600-550 range for the upmove the continue. Bearish below 25500 for a move towards 25300/25150.
Bank Nifty Monthly
As discussed in Last analysis Bank Nifty Bulls now need to close above 25200 for a move towards 26000. Bearish below 24800 for a move towards 24476/24000.
Bulls almost did the target of 25924. Now bulls need to hold 25500 for the next target of 26300/26800.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:25700
Bank Nifty Resistance:25850,26020,26250
Bank Nifty Support:25570,25350,25150
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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