Last week we gave Nifty Chopad level of 16476 Bank Nifty Chopad Followers were rewarded by 520 points. Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty Trendline target comes @ 17000.Still it can move up till 17200 odd levels and than can see a decline till 16800/16400 odd levels.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is shown as above.Correction can be seen till 16851.
Bank Nifty EW Daily
Bank Nifty daily chart is showing the completion of 5 wave, so profit booking is advised on long and dips should be used to buy around 16400/16500 levels.
Bank Nifty Daily Bias
Bank Nifty daily bias has reached the top of the grey box on daily chart and time to be cautious on longs,shorts can be taken once grey bar start forming.
Bank Nifty Gann Dates
As per time analysis 06 November is Gann Turn date , except a impulsive around this date. Last week we gave 29 October is Gann Turn date and Bank Nifty was up by 600 points next 2 days.
Bank nifty is now entering in resistance zone of 17200 odd levels, unable to cross can see profit booking.
Bank Nifty Weekly
Bank Nifty Weekly chart As per AF bank nifty target is also done,so now its time to book profit. Also we will be entering negative cycle as per time analysis in coming 2 weeks.
Bank Nifty Monthly
Bank Nifty is also approaching the trendline on upside signalling bulls needs to be cautious now.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17126
Bank Nifty Resistance:17256,17386,17646
Bank Nifty Support:16996,16886 and 16736
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
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