Bank nifty 41,500 ? Will this happen
From the last two months we have been sharing accurate levels for bank nifty and nifty.
Let’s analyze the possible trend of bank nifty for next week and then decide what and how we will trade next week and what will be my trading plan over the next week.
This is bank nifty chart on one hour time frame.
Once bank nifty broke above 38,800 levels on 11 august we hit a high of 39,800 levels on 18 August. A gain of 1000 points in bank nifty from the levels we shared in our last bank nifty update also
On Friday, 19 August, we saw bank nifty opened flat in the morning and thereafter bears took control of the market and we witnessed a correction of 800 points in bank nifty. So, now most of you will be thinking and wondering that the bullish trend has ended? And the market is going to fall to 37,000 and then 35,000 levels. Am I right?
Friends, always remember that market does not move in one direction. At times a step backwards is good to take two steps forward. Bank nifty on Monday might open gap down, that is between 38,800 to 38,700 levels.
Now if you notice that these are the levels of strong support or demand zone for bank nifty. I expect bank nifty to bounce after opening flat to bearish and then taking support at these levels of 38,700 the bank nifty will continue its bullish trend till we hold 38,700 levels on daily closing basis.
For bullish trades I will keep my entry at 38,750 levels with stop loss at 38450 levels and target of 39,800 levels and above. You can calculate the risk reward in this trade.
So, till the time bank nifty holds 38,700 levels I will think of only bullish trades and no shorts or bearish trades.
Yes, I will turn bearish when bank nifty breaks, 38,450 levels then my target for bank nifty is 37,900 / 38,100 levels.
The down side is limited as per the charts. This is just simple analysis for bank nifty trades for the coming week. If any change is there as per these levels I will share a fresh video to give a quick update.
bank nifty will it form a head and shoulders pattern on the longer time frame . if this happens then we will hit 41,500 levels by October 2022.
Let’s analyze the possible trend of bank nifty for next week and then decide what and how we will trade next week and what will be my trading plan over the next week.
This is bank nifty chart on one hour time frame.
Once bank nifty broke above 38,800 levels on 11 august we hit a high of 39,800 levels on 18 August. A gain of 1000 points in bank nifty from the levels we shared in our last bank nifty update also
On Friday, 19 August, we saw bank nifty opened flat in the morning and thereafter bears took control of the market and we witnessed a correction of 800 points in bank nifty. So, now most of you will be thinking and wondering that the bullish trend has ended? And the market is going to fall to 37,000 and then 35,000 levels. Am I right?
Friends, always remember that market does not move in one direction. At times a step backwards is good to take two steps forward. Bank nifty on Monday might open gap down, that is between 38,800 to 38,700 levels.
Now if you notice that these are the levels of strong support or demand zone for bank nifty. I expect bank nifty to bounce after opening flat to bearish and then taking support at these levels of 38,700 the bank nifty will continue its bullish trend till we hold 38,700 levels on daily closing basis.
For bullish trades I will keep my entry at 38,750 levels with stop loss at 38450 levels and target of 39,800 levels and above. You can calculate the risk reward in this trade.
So, till the time bank nifty holds 38,700 levels I will think of only bullish trades and no shorts or bearish trades.
Yes, I will turn bearish when bank nifty breaks, 38,450 levels then my target for bank nifty is 37,900 / 38,100 levels.
The down side is limited as per the charts. This is just simple analysis for bank nifty trades for the coming week. If any change is there as per these levels I will share a fresh video to give a quick update.
bank nifty will it form a head and shoulders pattern on the longer time frame . if this happens then we will hit 41,500 levels by October 2022.