Last Week we gave Chopad Level 18350 Bank Nifty made HIgh of 18316 on Monday giving Oppurtunity for Chopad Followers to Enter short trade a bit risky one as It did not touch the exact level of 18350 but rewards were also very good as it did the 3 target of 18350 Low made was 18316 thus rewarding Chopad Followers with Christmas and New Year gift 🙂 Wishing Everyone a Merry Christmas As we approach the last trading week of 2016 Lets analyze how to trade bank nifty in coming week. I sincerely Hope the Weekly Chopad levels have helped in your trading in 2016 and helped you becoming a profitable trader.
Bank Nifty Hourly
As discussed in last analysis Break of 18750 can see move towards 19000/19150. Break of 18200 on downside move towards 18000/17850
Low made was 17816 so 17850 done as the range was broken on downside, Now for coming week break of 17810 will spell trouble for bulls as bank nifty can correct all the way till 17700/17500 and end the year on a dull note. Bulls need a close above 18000/18250 as a saving grace as 2016 comes to an end.
Bank Nifty Harmonic Pattern
As discussed in last analysis As per harmonic pattern target is coming at 18782/18974 holding 18200.
As 18200 was broken the analysis got negated. Now we need to watch 17771 as its target of ABCD pattern.
Supply and Demand Analysis
Bulls need a close above 18250 for a move towards 18524/18739. Bears are already having upper hand as the close is below 17910, fall can be seen till 17785/17700 till we do not see close above 18000.
Bank Nifty broke the weekly gann angles signalling a move towards 17000 is possible in next 2-3 weeks till we do not close above 18250.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 26 Dec is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 428 points closing @17884 . Bank Nifty broke the support at lower end of AF line as shown in above chart. Bank Nifty is entering the new quarant as per AF and fall can get extended towards 17000/16500 in coming days. Only a close above 18250 will negate the bearish analysis.
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, Unable to close above it Bank Nifty is heading towards 17000.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:17860
Bank Nifty Resistance:18000,18250,18500
Bank Nifty Support:17700,17500,17220
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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