Last Week we gave Chopad Level 17860 Bank Nifty made High of 17860 on Monday giving Opportunity for Chopad Followers to Enter short trade which did the first target of 17700, Long Entry was triggred on Tuesday which did 2 target on Upside thus rewarding Chopad Followers with New Year gift 🙂
May The Year 2017 Bring for You,Happiness,Success and filled with Peace,Hope & Togetherness of your Family & Friends…. Wishing You HAPPY NEW YEAR 2017. Lets Analyze How to trade Bank Nifty in first week of trading in 2017.
Few Article to go through before we start the new Year 2017
Bank Nifty Hourly
18200-18250 was the strong support of market before the fall till 18600, now it will become resistance, Bulls need close above 18250 for a move till 18700, Unable to do so fall again till 17600
Bank Nifty Harmonic Pattern
Bearish Cypher patter will get activated till to complete its last leg till we do not close above 18250 for a move towards 17774.
Supply and Demand Analysis
Bulls need a close above 18250 for a move towards 18524/18739. Bears need close is below 18000, fall can be seen till 17700/17400.
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 02/04 Jan is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 293 points closing @18177 . Bank Nifty moved above the support at lower end of AF line as shown in above chart. Bank Nifty has been trading in the big range of 19000-17600 from last 7 weeks and trading around the lower end of AF line. Bulls need a close above 18250 for move back to 18700//19000 and Bears below 17700 for a move towards 17000/16500
Bank Nifty Monthly
Monthly chart 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:18170
Bank Nifty Resistance:18300,18520,18740
Bank Nifty Support:18000,17800,17600
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