Weekly view: Bank Nifty forms gravestone doji ahead of RBI Policy

Last Week we gave Chopad Level 18440 Bank Nifty gave Short entry on Monday and did 1 target on Downside by Monday and gave long entry on Wednesday  thus rewarding discipline chopad followers handsomely on both long and short side. Lets analyze how to trade bank nifty in coming week as RBI policy will be held on 07 Dec

Bank Nifty Hourly

bank-nifty-hourly

As discussed in last analysis 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.

High made 18713 now for coming week 500 points move coming on break of 18750 o upside and on downside break of 18146.

Bank Nifty Harmonic Pattern

No Harmonic pattern was spotted for coming week.

 

Supply and Demand Analysis

support

Holding  18150  is important for bulls for 18600/18900

Gann Angles

gann-angles

As per gann angles, bank nifty again bounced from support area as show in above chart, Holding 18200 we can see move towards 18700/19000.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 05/09 Dec  is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

weekly-af

It was negative week, with the Bank Nifty down by 259 points  closing @18247 . Bank Nifty took resistance at upper end of AF line as discussed in last analysis for last 13 weeks, and finally corrected till lower end of AF . Holding the support zone bank nifty can bounce to upper end near 19400/19700.

Bank Nifty Monthly

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:18260

Bank Nifty Resistance:18375,18580,18750

Bank Nifty Support:18160,18000,17850

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.

Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section

Follow on Facebook during Market Hours:  https://www.facebook.com/pages/Brameshs-Tech/140117182685863

Follow on Twitter during Market Hours:  https://twitter.com/brahmesh

3 thoughts on “Weekly view: Bank Nifty forms gravestone doji ahead of RBI Policy”

  1. Dear Sir,

    You have mentioned that BNF spot level of 18260 is the Trend Deciding Level under WEEKLY CHOPAD LEVELS. BNF Spot is currently at 18247. It is already below the Trend Deciding Level. So we can go short on BNF at the current level with a stop at 18260.

    Further the PCR is at 1.09. which is a bullish signal.

    I assure that I wen thru your disclaimer clause.

    Thanks,

    V LN

Leave a Reply