Last week we gave the Chopad level of 17220 Bank Nifty open with Huge gap up above 17220 for Chopad Followers and did not give trading opportunity but as we discussed Bank nifty was ready for big move and Bank nifty was up 600 points during the week . Lets analyze how to trade market in coming week.
Bank Nifty Hourly
Bank Nifty hourly chart is showing 21/34 EMA going flat suggesting range compression and we are bound to see range expansion in coming week also approaching the higher end of trading range, Breakout above 17827 and breakdown below 17350.
Bank Nifty Pyrapoint Indicator
Resistance@ 180 degree line and Support @225 ,pyrapoint also suggests big move is round the corner.
Gann Box Analysis
Bank Nifty needs to close above its 1×1 gann line for bulls to attack and 2×1 line @17100 is held bulls are in control.
Bank Nifty Supply and Demand
Bank Nifty 17819 is important level to watch breaking the same bank nifty will move towards 18019/18144 in short term.Breaking below 17350 can see mvoe towards 17177 and 17000 in short term
Bank Nifty Gann Dates
Bank Nifty As per time analysis 12 Oct/16 Oct is Gann Turn date , except a impulsive around this dates. Last week we gave 05 Oct/09 Oct Bank Nifty saw a volatile move .
Fibo Retracement levels are shown needs to watch these levels for coming week.
Bank Nifty Weekly
It was positive week, with the Bank Nifty down by 440 points closing @17590 . This is what we discussed last week For coming week as AF median line is getting resisted unable to cross the same bank nifty will head towards 16800/16500 in short term.Holding the same 17800/18050 on cards. High made was 17827,also unable to close above its 20/50 WSMA,for coming week 17850 will play crucial role closing above it can move towards 18092/18144, Unable to close above it Bank nifty can move towards 17368/17177.
Bank Nifty Monthly
Monthly chart get resisted @ 61.8 @ around 17600
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17580
Bank Nifty Resistance:17650,17820,18000
Bank Nifty Support:17360,17150,17000
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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