Last Week we gave Chopad Level 20309 Bank Nifty gave Short Entry on Monday High made was exact 18309 and did 1 target on downside, Long also got triggered on Wednesday which got stopped out. Lets analyze how to trade Bank Nifty in coming Expiry Week.
Bank Nifty Hourly
As discussed in last analysis Bank Nifty is trading at lower end of channel as shown in above chart Holding 20150/20100 can bounce towards higher end of 20500/20800. Below 20000 bearish for a move towards 19750/19500.
Bank Nifty did 21000 as we were expecting , Now Bulls should hold 20500/20600 range for a move towards 21000/21500. Bearish below 20350 for a move towards 20000/19750.
Bank Nifty Harmonic Pattern
As discussed in last analysis ABCD harmonic pattern is formed on Daily chart with target of 21000 holding 20000 low formed on RBI day.
21000 done now holding 20500 move towards 21500/21979.
Supply and Demand Analysis
As discussed in last analysis Till 20000 is held of weekly basis we can move towards 21000.
21000 done Now bulls should hold 20350 for a move towards 21500.
As discussed in last analysis Bank Nifty bounced from gann support zone can now move towards 20500/21000, Very clean moved captured using gann angles.
Gann Angles helped in capturing the whole move as shown move. Now Bulls need a close above 21000 for a fast move towards 22000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 20 Feb/23 Feb is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 337 points closing @20551 . Close above 20500 will be very bullish in extreme short term and can scale towards new high. Strong support at 19500. As discussed in last analysis As per time analysis accept a move of 500-600 points in coming week. So we got the move as we have been discussed.
Bank Nifty Monthly
Monthly chart needs to hold 20000, Bulls to continue have upperhand towards new life high.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:20580
Bank Nifty Resistance:20700,20920,21050
Bank Nifty Support:20350,20100,19850
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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