Last Week we gave Chopad Level 16400 Bank Nifty gave Long entry on Monday and did all 3 target by Thursday and thus rewarding discipline chopad followers by 500 points. Lets analyses how to trade Bank nifty in coming week, Will the age old adage , “SELL IN MAY AND GO AWAY” hold true in May month.
Bank Nifty Hourly
As discussed last week coming week below 16188 15800/15500. Above 16500 Tgt 16800/17100.
Both Done Coming week, break of 16500 can see move towards 16245/16100. Bullish only above 16792 for 17000/17200.
Bank Nifty Harmonic
As discussed last week Holding 16188 heading towards 16800 as per SHARK pattern
Coming Week break of 16500 we will see 16245/16104.
As discussed last week Bears activated below 16500 and did 16188, Bull only above 16500 now.
Beauty of Gann Angle again Bank Nifty reacted from gann angle line, as shown above till its not crossed bulls will remain on back foot. Bears will be active below 16188 only, Between the range time correction.
Bank Nifty Supply and Demand
As discussed last week Coming week holding 16188 move towards 16500/16800,below it 16500/16316.
16800 done. Now for coming week Holding 16471-16500 move towards 1700 else 16188/16000 on cards.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 16/20 May is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty down by 420 points closing @16716 closed above the upper end of the AF line,after taking support last week as shown above. As discussed last week 16188 will play a crucial role in coming 2 weeks as closing below it can see bank nifty moving towards 15800/15500.Holding the same back to 16800
Now for coming week 16471-500 will play crucial role, holding it move towards 17000 and below it 16188 is again on cards.
Bank Nifty Monthly
Monthly chart forming doji till now and fighting for 50% fibo ratio.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:16650
Bank Nifty Resistance:16792,17000,17280
Bank Nifty Support:16470,16250,16080
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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