Last Week we gave Chopad Level 27555 Bank Nifty gave Long Entry as per Chopad Level on Monday got stopped out and Shorts were triggered another opportunity came on Budget day and did all 3 target on downside, Awesome week for Chopad followers. Also Bank Nifty made the High of 27652 on 29 Jan on our time cycle date. Let see how Nifty behaves on another minor time cycle date 05 Feb.
Bank Nifty Harmonic Pattern
No Harmonic Pattern Visible for the coming week.
Supply and Demand Analysis
Self Explanatory chart..
As discussed in Last analysis now close above 27672 can see a fast rally towards 28452/29565.
High made last week was 27652 so bulls were not able to cross 27672 and the big fall happened, Again great move caught by Gann Angles.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 05 Feb/09 Feb is Pressure date , impulsive move can be seen around these dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 994 points closing @26451. As discussed in Last analysis Now bulls need a close above 27555 for a move towards 28000/28464. Bearish below 27151 for a move towards 26963/26666
Bearish bet paid off below 27151. For coming week Bulls should protect 26134-26150 range for the fall to stop. Below 26000 we can see fall extending towards 25591/25425.
Bank Nifty Monthly
Monthly bulls need a close above 26000 for the bull rally to continue.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:26280
Bank Nifty Support :26150,25920,25776
Bank Nifty Resistance :26496,26666,26800
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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