Last Week we gave Chopad Level 25150 Bank Nifty gave Long Entry as per Chopad Level Monday and got Stopped out on Tuesday, Short on Tuesday did 2 target on Downside , so Good week Chopad followers as Short gave more than 500 points in 2 days Top made for the week was exactly on Time Cycle Turn date of 12 Dec . Lets see How to trade Bank Nifty in coming week as we approach the outcome of Gujarat Election and important time cycle date of 22 Dec.
Bank Nifty Harmonic Pattern
As discussed in Last analysis closing above 25400 can see move towards higher end of PRZ zone at 26000.
Waiting for target of 26000 as we are still closing above 25400.
Supply and Demand Analysis
Self Explanatory chart..
As per gann angle Break of 25400 for a move towards higher end of gann angle at 25920.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 20/22 Dec is Turn date , impulsive move can be seen around these dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 129 points closing @25321 ,As discussed in Last analysis Coming week we have confluence of time cycle in between 12-14 Dec, so expect another volatile week on cards. Bulls need a close above 25400 for a move towards 25700/25920. Bears will get active only below 25300 for a move towards 25050/24800.
Top was made on 12 Dec and we saw a decline of 560 points and Bottom was made on 14 Dec and we saw a rally of 300 points. Power of time cycle. Coming week 20/22 Dec is important time cycle turn date. Bulls need a close above 25555 for a breakout for a move towards 25700/25920. Bearish below 25200 for a move towards 25000/24800/24476.
Bank Nifty Monthly
As November was trend change month, Bullish bet only above 25920. Bearish below 24900 on Monthly close can see fast fall till 24238/23500.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:25555
Bank Nifty Resistance:25700,25920,26213
Bank Nifty Support:25320,25050,24780
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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