Last Week we gave Chopad Level 26280 Bank Nifty Opened gap down made high of 26215 high risk traders who were able to take trade got Short Entry as per Chopad Level on Monday got and did all 3 target on downside. Traders who waited for level to come were not able to to initiate the trade. Also Bank Nifty made the High of 26215 on another minor time cycle date 05 Feb. So time cycle are working perfectly. Lets see how we trade bank nifty in coming week.
Bank Nifty Harmonic Pattern
Till we are holding Guj Election low of 24617 we can see the rally back towards 28000.
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. Strong support near 25000 break of same we can see fast fall towards 24500.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 12 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 For coming week Bulls should protect 26134-26150 range for the fall to stop. Below 26000 we can see fall extending towards 25591/25425.
All Bearish target done as close on 05 Feb was 26097 and saw the big fall. Bank Nifty bulls need close above 25700 for a move 25920/26150. Big bullish move can be seen above 26150 for a move towards 26500. Bearish below 25250 for a move towards 24900/24510.
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:25570
Bank Nifty Resistance :25700,25920,26215
Bank Nifty Support :25250,25001,24750
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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