Last Week we gave Chopad Level 24300 Bank Nifty gave Long Entry on Monday and did the Third target by Thursday ,so good week for Chopad followers.Lets see How to trade Bank Nifty in coming week as we have monthly closing and RBI Policy on 02 August.
Bank Nifty Hourly
As discussed in last analysis Now we are heading to trend line resistance in range of 24450-24500, so traders who are long should book profit in this range as and when it comes. Bearish only on close below 24000 for a move towards 23800/23500.
Nifty broke the trend line with a gap up and on correction held on to it and rallied towards 25000.Now the trendline support increased to 24480-24500, holding the same uptrend can continue till 25500. Bearish below 24450 for a move towards 24300/24000
Bank Nifty Harmonic Pattern
As discussed in last analysis 24250 done now waiting for 24452-24500.
All target done now holding 24480 heading towards 25323.
Supply and Demand Analysis
Bulls should hold 24450-24480 range for the next round of upmove towards 25000-25300.Bearish below 24450 for a move towards 24300/24000.
Gann Angles
Bulls need weekly close above 25000 for the next round of upmove towards 25300/25500. Bearish below 24480 for a move towards 24000
Bank Nifty Gann Dates
Bank Nifty As per time analysis 31 July/02 Aug is Gann Turn date , except a impulsive around this dates.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 554 points closing @24811 .As discussed in last analysis Next time cycle is from 24-31 July, bullish till 24000 is held and bearish below it for target 24500/24888. Bearish target 23750/23500.
24888 also done as per time cycle, Now we have new time cycle starting from 31 July-07 Aug which will be bullish above 25000 and bearish below 24480.
Bank Nifty Monthly
As discussed in last analysis 24144 done and now waiting for 25000.
25000 also done, Now Bulls need to hold 24480-24490 range for next move towards 25500/26000
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:24850
Bank Nifty Resistance:25000,25152,25380
Bank Nifty Support:24700,24480,24300
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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What will be effect of policy, means negative or positve on bank nifty, if rbi will cut repo or not
Neutral