Bank Nifty forms Shooting Star, Weekly Forecast

Last Week we gave Chopad Level 20001  Bank Nifty gave Long entry on Tuesday, who took position as per Chopad levels were rewarded handsomely , as it did all 3 target by Wednesday.  Lets analyze how to trade in coming week.

Bank Nifty Hourly


As discussed in last analysis  Now Bulls need a close above 20000 for further move towards 20300/20500 which is double target of breakout zone.

Support comes at the lower end of AF @19840-19950 zone. Resistance at 20500. Break of any of the zone can see fast move of 300-400 points.

Supply and Demand Analysis


Bulls need to hold 19650 in correction  for a move towards all time high of 20907.

Gann Angles


As discussed in last analysis 19919 was high, Bulls were able to break 19500, Holding 19500 can see move towards 20500/20800/21000.

Bank Nifty has support is zone of 19840-19860 as seen in above gann angles chart.

Bank Nifty Gann Dates

Bank Nifty As per time analysis  12/16 Sep  is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly


It was positive week, with the Bank Nifty up by 362 points  closing @20245 forming shooting star  pattern . Bank Nifty will now take resistance at upper end of AF line, closing above 20550 is important for bulls to march towards new high support at 19840 and 19500.

Bank Nifty Monthly


Monthly chart crossed  fibo ratio  at 23.6% after 6 months of rise. Holiding 19500 can see move towards all time high.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:20001

Bank Nifty Resistance:20155,20300,20550

Bank Nifty Support:19860,19690,19500

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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