Bank Nifty Weekly Forecast for Budget 2017

Last Week we gave Chopad Level 18740 Bank Nifty gave Long Entry on Monday as low made was 18722  and did all target by Wednesday thus rewarding disciplined Chopad followers.  Lets Analyze How to trade Nifty in coming week as we have Union Budget on 01 Feb.

Below links will help you in planning traders for Budget day

Historical Nifty Movement on Budget Day

Historical Bank Nifty Movement on Budget Day

Option Trading Strategy for Union Budget 2017

Bank Nifty Hourly

Bank Nifty hourly need a close above 19800 for move towards 20000/20500/21000. Support at 190000.

Bank Nifty Harmonic Pattern

NO Pattern was detected.

Supply and Demand Analysis

Bulls were above to move towards 19648 Holding the same on weekly closing basis can see move towards 20000/20600.

Gann Angles

Bank Nifty bounced from gann support zone can now move towards 20500/21000

Bank Nifty Gann Dates

Bank Nifty As per time analysis 31 Jan/02 Feb is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 887 points  closing @19708. Bank Nifty was finally able to cross the  resistance of upper line of AF Bank Nifty which it was not able to break in last 20 weeks. Finally it closed above it now suggesting 19000 will be strong support and resistance at 20500/21000.

Bank Nifty Monthly

Monthly chart needs to hold 19000, Bulls to continue have upperhand towards new life high.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:19800

Bank Nifty Resistance:20100,20450,21000

Bank Nifty Support:19500,19250,19000

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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2 thoughts on “Bank Nifty Weekly Forecast for Budget 2017”

  1. Thanks, I have entered into a Selling of one lot each of 19000 PE & 20500 CE. This will help cover the risk to a great extent but beyond 19000 or 20500, this will result into a loss making position :(.

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