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
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
Holding 18150 is important for bulls for 18600/18900
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
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
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.
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