Bank Nifty forms Weekly Gravestone Doji,Weekly Forecast

Last Week we gave Chopad Level 20001  Bank Nifty opened with gap down, hence not giving any opportunity to enter trade, Longs got triggered on Friday but did the 1  target on upside , Shorts triggered on Friday below 20001 did the first target of 19850. Lets analyze how to trade bank nifty in coming  week.  We salute all those martyred in Uri. Their service to the nation will always be remembered. Our  thoughts are with the bereaved families.

Bank Nifty Hourly


On Hourly chart bulls need to held 19700-19650 zone,holding the same bulls can 20000/20250. Bears below 19650 can see sharp pullback 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 19650-19700 as seen in above gann angles chart.

Bank Nifty Gann Dates

Bank Nifty As per time analysis  19/23 Sep  is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly


It was negative week, with the Bank Nifty down by 389 points  closing @19855 forming gravestone doji  pattern . Bank Nifty took resistance at upper end of AF line as discussed in last analysis, Bulls need  close above 20550 is important for bulls to march towards new high support at 19840 and 19500. Below 19650 bears can push towards 19300/19000.

Bank Nifty Monthly


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

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:19800

Bank Nifty Resistance:20145,20300,20550

Bank Nifty Support:19650,19450,19300

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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