Last Week we gave Chopad Level 19252 Bank Nifty gave Long entry on Monday and did 1 target on Upside, Opened with Huge gap down on Wedneday but as soon as it moved above 19252 all target were done on upside by Thursday thus rewarding discipline chopad followers handsomely. Lets analyze how to trade bank nifty in coming week as Finally the effect of 25-26 Oct Time Cycle is coming to an end and Bank Nifty will start a new cycle till 26 Nov. We can see continuation of current trend or trend reversal with 19750 being a trend change level for this new time cycle.
Bank Nifty Hourly
As discussed in last analysis coming week holding 18960 bounce towards 19500/19750/20000.
After Big gap down on Wednesday as soon as 18960 was conquered we saw fast move towards 20000. For coming week 19800 holds key above it another up move towards 20300/20800.Bearish below 19300 for a move towards 18750
Bank Nifty Harmonic Pattern
As discussed in last analysis For coming week Holding 19000 bounce towards 19750/20000.
After Big gap down on Wednesday as soon as 19000 was conquered we saw fast move towards 20000. For coming week 19800 holds key above it another up move towards 20300/20800.Bearish below 19300 for a move towards 18750
Supply and Demand Analysis
Close above 20000 is important for a dash towards new high.
As per gann angles, bank nifty held on to gann angle as shown in above chart and gave a fast and furious bounce. Bulls ned to hold 19300-19200 range for a move towards 20500/20900.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 17/18 Nov is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was Positive week, with the Bank Nifty up by 680points closing @19738 . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 11 weeks, Bulls need close above 20155 is important for bulls to march towards new high, support at 19300.
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:19810
Bank Nifty Resistance:20000,20300,20610
Bank Nifty Support:19600,19350,19000
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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