Last Week we gave Chopad Level 18970 Bank Nifty gave Long Entry on Monday did 1 target and missed the 2 target by 24 points as high made was 19276, shorts got initiated on Friday which almost did the 1 target. Lets Analyze how to trade bank nifty in coming week as we approach Jan Expiry.
Bank Nifty Hourly
As discussed in last analysis Now Bulls need a close above 19000 for a move towards 19500/19700. Unable to close above 19000 correction till 18500.
Unable to close above 18966 can see move towards 18500 and 18250, Bullish only on close above 18966 for a move towards 19200/19500.
Bank Nifty Harmonic Pattern
Bearish cypher forming in bank nifty can see move towards 18446/18250.
Supply and Demand Analysis
As discussed in last analysis Close above 18739 done now move towards 19648 holding 18739
Bulls failed to move towards 19648 and now we are at critical situation closing above 18966 required for move towards 19200/19500 and bears below 18750 can see move towards 18500/18373.
Bank Nifty bounced from gann support zone holding 18500 can move towards 20000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 22/25 Jan is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 91 points closing @18820. Bank Nifty was again unable to cross the resistance of upper line of AF Bank Nifty which its not able to break in last 20 weeks. Bulls need close above 19200 and bear below 1875 for a 500 points move.
Bank Nifty Monthly
Monthly chart needs to hold 18400, Bulls to continue have upperhand
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18740
Bank Nifty Resistance:18920,19120,19450
Bank Nifty Support:18650,18480,18300
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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