Last Week we gave Chopad Level 19000 Bank Nifty gave Short entry on Monday and did 3 target on Downside by Monday thus rewarding discipline chopad followers handsomely. Lets analyze how to trade bank nifty in coming week as RBI increased CRR rate by 100 BPS
Bank Nifty Hourly
As discussed in last analysis For coming week bulls need an hourly close above 19000 for move towards 19500 unable to do so fall till 18750/18500.
18500 done and now for coming week Bulls need a close above 18550 for next move towards 18750/19000. Bears will be active below 18200 only for a move towards 18000/17800.
Bank Nifty Harmonic Pattern
As discussed in last analysis Holding low of 18800 and daily closing above 19000 can see move towards 19608.
Harmonic pattern failed as Bank Nifty broke the low of 18800, now for coming week 18250-18300 is important if held in correction can see upmove till 19000.
Supply and Demand Analysis
Holding 18322 is important for bulls for 18754/19000.
Gann Angles
As per gann angles, bank nifty again bounced from support area as show in above chart, Closing above 18600 we can see move towards 19000/19500.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 28/30 Nov is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 451 points closing @18507 . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 12 weeks, and finally corrected till lower end of AF and bounced form the support zone. Holding the support zone bank nifty can bounce to upper end near 19400.
Bank Nifty Monthly
Monthly chart finally saw correction after 6 Months of rise, bulls need to close above 18250 for bullish momentum to come in their favor.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18440
Bank Nifty Resistance:18590,18752,18980
Bank Nifty Support:18250,18100,17900
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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It is not 100 bps, it is incremental 100% on deposits received during few days. Pls correct.
thanks
dear brands,
what z impact of 100 points CRR hike?is it negative or positive actually..?sell of expected?