Last Week we gave Chopad Level 19800 Bank Nifty gave Long Entry on Budget Day did 1 target by Thursday thus rewarding disciplined Chopad followers. Lets Analyze How to trade Nifty in coming week as we have RBI Policy outcome on 08 Feb.
Bank Nifty Hourly
As discussed in last analysis Bank Nifty hourly need a close above 19800 for move towards 20000/20500/21000. Support at 19000.
Bank Nifty did 2000 and moved till 20200, Now Bulls need a close above 20350 for a move till 20500/20800. Support at 19800. Below 19800 can see sharp dip towards 19650/19500.
Bank Nifty Harmonic Pattern
ABCD harmonic pattern is formed on Daily chart with target of 20559.
Supply and Demand Analysis
As discussed in last analysis Bulls were above to move towards 19648 Holding the same on weekly closing basis can see move towards 20000/20600.
20000 done now heading towards 20600/21000
Bank Nifty bounced from gann support zone can now move towards 20500/21000
Bank Nifty Gann Dates
Bank Nifty As per time analysis 06 Feb/09 Feb is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 488 points closing @20196 . As discussed in last analysis 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.
20200 done and heading towards 20500 by next week, Close above 20500 will be very bullish in extreme short term and can scale towards new high. Strong support at 19500.
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:20309
Bank Nifty Resistance:20450,20600,20750
Bank Nifty Support:20100,19950,19700
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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