Bank Nifty does 16800,Weekly Forecast

Last Week we gave Chopad Level 16350 Bank Nifty gave Short Entry  on Monday did 2 target on downside low made was 16011 which was near our 2 Target of 16000, again gave long entry on Wednesday as close was exactly at chopad levels of 16350 and did 1 target on upside by Thursday , Lets analyze how to trade Bank Nifty in coming Week as we have April F&O Expiry

Bank Nifty Hourly

 

As discussed last week  Gann Circle is drawn above which suggests support at 16200 and resistance at 16535 2 levels needs to be watched in coming week for 300 points  move on either side.

Low made was exactly near the gann circle as shown above, Now coming week close above 16800 can see move towards 17067 and close below 16500 can see move back to 16200/16150.

Bank Nifty Harmonic

As discussed last week  we are forming a ABCD pattern which has pattern a target of 16497/16589/16784.

All Targets done, now we are forming an alternate abcd pattern target comes around 18000

Gann Angles

As discussed in last analysis 16200 done now heading towards 16500/16800.

Now close above 16800 heading towards 17000/17150.

Bank Nifty Supply and Demand

As discussed in last analysis Closed above 16188 last week should see a move towards 16800/17032.

16800 almost done now heading towards 17032 once we close above 16800.

Bank Nifty Gann Dates

Bank Nifty As per time analysis  25/29 April is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 424 points  closing @16703 closed above  the upper end of the AF line as shown above. As we have been discussing Now as we have closed above 16000 we should be heading towards 16800.

Low made 16011 and than went all the way upto 16769 almost doing 16800. Now Holding AF line 16300/16400 we are heading towards 17067/17500.

Bank Nifty Monthly

Monthly chart bounced from 61.8% as discussed last week. Now crossing/closing  above 16800 which is 50% will be very bullish short term.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:16800

Bank Nifty Resistance:16970,17250,17500

Bank Nifty Support:16650,16500,16221

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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