Last Week we gave Chopad Level 25570 Bank Nifty gave multiple entry for both long and short as per Chopad Level in last week and did all 1 target on both upside and downside, So Average week for Chopad followers. Lets see how we trade nifty in coming week as we have confluence of time cycle on 19 and 22 Feb in Expiry Week.
Bank Nifty Harmonic Pattern
Till we are holding Guj Election low of 24617 we can see the rally back towards 28000.
Supply and Demand Analysis
Self Explanatory chart..
Strong support near 25000 break of same we can see fast fall towards 24500.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 19/22 Feb is Pressure date , impulsive move can be seen around these dates.
Bank Nifty Weekly
It was negative week, with the Bank Nifty down by 300 points closing @25164. As discussed in Last analysis Bank Nifty bulls need close above 25700 for a move 25920/26150. Big bullish move can be seen above 26150 for a move towards 26500. Bearish below 25250 for a move towards 24900/24510.
Bulls were not able to close above 25700 and bear did close below 25250 but were not able to do downside target. For coming week we have confluence of time cycle on 19/22 Feb so bulls need to trade above 25250 for a move back towards 25555/25800. Bearish below 25100 for a move towards 24900/24750.
Bank Nifty Monthly
Monthly bulls need a close above 26000 for the bull rally to continue.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:25100
Bank Nifty Resistance :25250,25510,25700
Bank Nifty Support :24910,24750,24500
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.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863
Follow on Twitter during Market Hours: https://twitter.com/brahmesh