Last Week we gave Chopad Level 19750 Bank Nifty gave Long entry on Monday and did 1 target on upside, Long trades got stopped out in gapdown but the bank nifty made high at 19725 giving shorts entry opportunity , which were rewarded handsomely as Bank Nify did 2 target on downside low made was 19252 and our target was 19250. Lets analyze how to trade bank nifty in coming week.
Bank Nifty Hourly
As discussed in last analysis Now for coming week 19750 will be laxman rekha for bulls and bears above it we will see 20000/20400. Unable to cross below it target 19300/19000.
Bank Nifty need a close above 19750 for bulls to become active bears will get active below 19500 for targt of 19200/19000.
Bank Nifty Harmonic Pattern
For coming week 19750 should be closely watched above it can see move till 20200 and below it 19000.
Supply and Demand Analysis
Bulls need a close above 19750 for move towards 20264 else we can break 19000 and move towards 18500.
Gann Angles
As per gann angles, bank nifty again held on to gann angles close above 19750-19800 is important for next up move towards 20200/20500. Bearish on close below 19500.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 02 Nov is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 154 points closing @19523 . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 5 weeks, Bulls need close above 20155 is important for bulls to march towards new high, support at 18500.Next week very important from time analysis perceptive.
Bank Nifty Monthly
Monthly chart finally saw correction after 6 Months of rise, bulls need to close above 19800 for momentum to come in their favor.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:19580
Bank Nifty Resistance:19750,19900,20200
Bank Nifty Support:19400,19250,19000
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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On 26th October, Banknifty made a spike high of 19725, due to a freak spike in HDFC bank. There was no such spike in Banknifty future or any option contract. Rameshji, please explain how could any trader get a short entry at that level ?
We trade based in Spot levels