Bank Nifty Weekly Forecast for 05-09 June

Last Week we gave Chopad Level 22820  Bank Nifty gave Long on Monday which got stopped out and Short were triggered  on Monday which did 1 Chopad Target  thus rewarding disciplined Chopad  Traders, Next 2 Traders again were stopped out as bank nifty was trading in small range, so a tough week for chopad followers and had to let go some gains of last 2 last week.  Lets see how to trade in coming week as we have RBI Policy coming out.

Bank Nifty Hourly

 

As discussed in last analysis  Coming week bulls should hold 23000 for next move towards 23762/24000. Bears below 23000 for a move towards 22800/22650.

Low made was 23093 so bulls did a good job holding 23000 but failed to do the target of 23762. Coming Week  As we have RBI Policy Holding 23300 we can scale towards 23762/24058. Bearish below 23300 for a move towards 23000/22800.

Bank Nifty Harmonic Pattern

 

Holding 23200-22220 we can march towards 24058

Supply and Demand Analysis

 

Bulls should hold 22977-23000 range for the next round of upmove.

Gann Angles

 

As discussed in last analysis  bulls need to hold 23000 for a move till 23484/24000.

23469 done now waiting for 23762 and 24100.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 08-09 June is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was Positive week, with the Bank Nifty up by 13 points  closing @23375 closing above upper end of quadrant . Bank Nifty traded in small range after big gains of last week. As per time cycle Low made on 01 June 23224 is very important holding the same we can scale towards 23762/24111 till 08-09 June.

Bank Nifty Monthly

High made was 23469 now holding 23000 we can see move till 24144.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:23410

Bank Nifty Resistance:23550,23690,23850

Bank Nifty Support:23310,23150,22800

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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