Bank Nifty Weekly Forecast for 07 Aug-11 Aug

Last Week we gave Chopad Level 24850 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

 

Bank Nifty needs to move above 24850 for a move towards 25000/25300/25500. Bearish below 24600 for a move towards 24450/24300/24000

 

Bank Nifty Harmonic Pattern

 

25300 is target for the current harmonic pattern.

 

Supply and Demand Analysis

 

Bulls should hold 24600-620  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 07 Aug is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty up by 16 points  closing @24827closing above the AF line, Now we are entering the new time cycle on 07-24 Aug bulls need a close above 254860 for a move towards 25000/25300/25500. Bears below 24450 for a move towards 24000/23500.

Bank Nifty Monthly

Now Bulls need to hold 24480-24490 range for next move towards 25500/26000

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:24880

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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