Wishing Dear Readers a very very happy and prosperous and profitable new Year.
2017 year started with a rally after forming a bottom at 17607 on 26 Dec 2016 when both Gann Price and Time Squaring happened. Bank Nifty staged a spectacular rally all the way till 25954. Its was the year where Bank nifty never had correction of more than 3% on Closing basis, happened first time in Bank Nifty trading history Bank Nifty clocking a gain of 31 % in 2017 best year we had after 2009. We can consider 2014 as year of breakout, Expect some consolidation and lot of volatility in coming year. Monthly and Yearly chart of Nifty with time cycle are shown below.
Yearly chart have formed an Bullish Engulfing candlestick. Keep a Close eye on 01 Jan Opening level, and High formed on 31 Jan, they will decide the further trend of market.
Bank Nifty bulls did a breakout after last 2 years of consolidation. Bulls should hold 24600 on Monthly closing basis for uptrend to continue and Bears should see Close below 24500 for some serious correction which they have been waiting for last 1 year 🙂
Monthly Gann Chart
Monthly Chart with Gann Angles is shown Trend Continuation 29000-30000 where next major resistance lies,Closing above it can see fast rally towards 32000. Breakdown below 24600 for a move till 23500/21779.
Monthly Chart with Supply and Demand Zone
Yearly Trend Change Level: 25700
Yearly Resistance Level : 26500,28657,29800,31200
Yearly Support Level : 25250,24620,23912,23100
Important Dates as per Time Analysis :
Last Year Time Cycle dates can be seen here
Below dates can see Trend Change in Market.
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