Last week we gave Nifty Chopad level of 15306 and Bank Nifty did 3 target on upside rewarding chopad followers by 520 points Nifty witnessed a volatile week due to wild swings seen in global markets. Tomorrow market will open reacting to both political and economic news. Diesel deregulated, natural gas price hiked and BJP set to form government in both Maharashtra and Haryana and taking Modiji dream of “Congress Mukt Bharat” one step closer. Lets see how to trade market next week. 24 October is again a trading holiday.
Bank Nifty Hourly
Bank Nifty hourly charts are trading in contracting triangle, triangle breakout comes above 15150, if broken and closed over it bank nifty is heading to new high towards 16309 by Mahurat trading session.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is shown as above.
Bank Nifty Daily
Bank Nifty daily is near its trendline support on daily chart close above 15700 bulls are back in bank nifty and heading towards new high. This is what we discussed last week .Also 100 DMA support is seen in bank nifty. Next 2 days are very important holding 15000 can see a sharp pullback in bank nifty. Break below 15000 will see quick fall till 14750/14500.
Bank Nifty Daily EW
Bank Nifty has completed its ABC correction @ 15130 and heading towards 16150 and above that 16400 in short term.
Bank Nifty Daily Bias
As per above analysis we have been mentioning the same from past few weeks
Bank Nifty daily chart after fall of 1000 points is still in neutral zone suggesting underline trend is still bullish and dip in bull market correction needs to be bought into.
Traders who bought the dips must have been rewarded handsomely, more to come .
Bank Nifty Gann Dates
As per time analysis 20 October is Gann Turn date , except a impulsive around this date.
Bank nifty took support near Fibo fans and gave a pullback and is heading towards 16300/16500
15091 is 61.8% retracement will offer a good support to Bank Nifty , low made 16130 and bank nifty shotted up.
Bank Nifty Weekly
Bank Nifty Weekly chart is still in neutral zone as per Harmonic theory, Means dips coming should be bought into. Negative weekly cycle has come to an end and we started seeing bullish move from past week, which should be continued forwards.As per AF bank nifty target comes in range of 16700/16800.
Bank Nifty Monthly
Bank Nifty is also approaching the trendline on upside was unable to cross the first time ans saw a big decline
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16086
Bank Nifty Resistance:16216,16476,16736
Bank Nifty Support:15956,15826 and 15696
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
We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863