Last Week we gave Chopad Level 21201 Bank Nifty made exact high of 21202 and gave perfect entry chopad followers and made low of 20754 near our last target of 20750 rewarding disciplined chopad followers. As discussed in last analysis as we enter a crucial time cycle 20-29 March for bank nifty, expect 500-800 points move in next 2 weeks. Bank Nifty gave 448 points fall as we were expecting in 1 week, power of time cycle. Lets analyze how we trade bank nifty in coming week as we are approaching March Expiry and Financial Year closing.
Bank Nifty Hourly
Bank Nifty bounced from the lower end of channel suggesting 20750 will remain strong support and rally can extend towards 21500. Below 20750 can fall till 20500/20300.
Bank Nifty Harmonic Pattern
Another important ABCD pattern is forming till 20750 is held we can see move towards 21600.
Supply and Demand Analysis
Bulls now need to hold on 20870 weekly closing basis for the upmove to continue till 21500/21800/22000.
Nifty bulls now need to hold 21000 and close above 21300 for a move till 21500/21800/22000.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 27 March March is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 52 points closing @21122 . Close above 21300 can see fast move towards 21500/21800. Support at 21000 break of which we can see move towards 20750/20500.As discussed in last analysis New Time cycle from 11 March and will end at 27 March with 21/22 March very crucial dates.Bottom made on 22 March and rallied 400 points in 2 days. Next time cycle start from 27 March till 04 April. Till 21000 is held cycle will remain positive. Break of 21000 can see move towards 20500 in this time cycle.
Bank Nifty Monthly
Monthly chart needs to hold 20500, Bulls to continue have upperhand towards 22000
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:21156
Bank Nifty Resistance:21336,21470,21620
Bank Nifty Support:21020,20871,20500
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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