Last Week we gave Chopad Level 18300 Bank Nifty gave Short Entry on Monday but got stopped on Tuesday as Nifty opened gap up and low made was 18275 suggesting short need to cut and Longs were triggered which were rewarded as Bank Nifty did the 3 target of 18740 thus rewarding Chopad Followers. New Time Cycle rewarded Bank Nifty Bulls as Bottom of this upmove was made on 09 Jan and from 10 Jan Nifty rallied 710 points in 4 days.
Bank Nifty Hourly
As discussed in last analysis Bulls need follow upmove above 18250 for a move till 18700, Unable to do so fall again till 17800/17400.
Now Bulls need a close above 19000 for a move towards 19500/19700. Unable to close above 19000 correction till 18500.
Bank Nifty Harmonic Pattern
As discussed in last analysis Bank Nifty can move towards 18400/18500 to complete last leg of abcd pattern.
ABCD pattern got completed now close above 19200 we can see new high in bank nifty.
Supply and Demand Analysis
As discussed in last analysis Bulls need a follow upmove as close above 18250 for a move towards 18524/18739. Bears need close is below 18000, fall can be seen till 17700/17400.
Close above 18739 done now move towards 19648 holding 18739
Bank Nifty bounced from gann support zone holding 18500 can move towards 20000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 17/20 Jan is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 648 points closing @18912. Bank Nifty moved above the support at lower end of AF line as shown in above chart and now approaching the resistance of upper line of AF Bank Nifty which its not able to break in last 19 weeks As discussed in last analysis Bulls need a follow upmove as close is above 18250 for move back to 18700//19000 and Bears below 17700 for a move towards 17000/16500. New Time Cycle starting from 10-25 Jan
Coming week Bulls need a weekly close above 19200 for a new move towards 20000.
Bank Nifty Monthly
Monthly chart finally closed above 18400, Bulls should get momentum now.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18970
Bank Nifty Resistance:19150,19300,19450
Bank Nifty Support:18750,18500,18300
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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