Last Week we gave Chopad Level 18260 Bank Nifty opened gap down and no entry was initiated as per Chopad levels. Lets analyze how to trade bank nifty in coming week
Bank Nifty Hourly
Hourly chart still stuck in 500 points range from last 19 trading sessions, Last week also Bank Nifty opened gap down below 18200 but quickly recovered suggesting fight is on between both bulls and bears. Break of 18750 can see move towards 19000/19150. Break of 18200 on downside move towards 18000/17850
Bank Nifty Harmonic Pattern
As per harmonic pattern target is coming at 18782/18974 holding 18200.
Supply and Demand Analysis
Bulls need a close above 18400 for a move towards 18524/18739. Bears need a close below 18200 for a move towards 17950.
Bank Nifty is not breaking gann angles signalling a move towards 18750 is possible again.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 20/22 Dec is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 383 points closing @18312 . Bank Nifty took support at lower end of AF line as discussed in last analysis Holding the support zone bank nifty can bounce towards 18750/19000/19200. New Time Cycle starts from coming week so expect trending move in next 2 days.
Bank Nifty Monthly
Monthly chart finally saw correction after 7 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:18350
Bank Nifty Resistance:18500,18650,18850
Bank Nifty Support:18200,18000,17850
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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