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Bank nifty is in strong bullish trend and we will only look for bullish trades and it is likely that we will hit an high of 43,800 levels from 41,200 levels. Yes you can check our previous videos where we had analyzed the same and here it is in front of us that we have already hit a high of 43,800 levels on the daily time frame.
AS ALWAYS we will analyze the bank nifty levels for the last week and find out the levels for next week for our accurate trades. This is bank nifty chart on the daily time frame. The analysis is on the higher time frame to make you analyze what is happening at higher levels. First we will analyze the move of bank nifty so far from 41,400 levels where we said bank nifty will hit a target of 43,800.
Bank nifty at the bottom formed a break away gap at 40,000 levels and thereafter it was continuous uptrend with minor secondary corrections which are part of a healthy uptrend. Bank nifty faced a minor resistance at 42,000 levels during 20 April and this was the zone where the bulls consolidated and we saw a strong up move towards are target of 43,800 levels.
If you had been following us and our levels then you may not have taken a wrong trade. So this is was the bank nifty move from the low of 39,000 to 43,800 levels.
Now let’s see what’s is next in bank nifty. Now bank nifty is presently trading near to all-time highs and I expect bank nifty to give a continuation gap and clear the zone of resistance between 43,800 levels and 44,300 levels. Now this may not happen on Monday it self that is on 15 may. But at this stage I expect the bulls to consolidate near the zone of resistance with some bearish move towards 43,000 levels where the bank nifty will form a base for a next higher move towards 46,000 levels.
But for these levels 43,000 needs to sustain over the next week and any bearish moves have to be bought by the bulls. Dear traders please for god sake do not trade when the bank nifty is between 43,800 levels and 44,200 levels. Rather I will wait for bank nifty to break 44,300 levels on the daily closing basis and then take bullish trades as this zone of resistance will become the zone of support as per the teachings of the technical analysis and also as per the rule of polarity.
I expect a lot of volatility over the next week at these higher zones. And yes if we break 43,000 on daily closing basis then we will be in the grip of the bears and we will likely hit 41,800 levels on the daily time frame.
So now I will summarize my trade plan.
I will take bullish trade above 44,300 levels on the daily closing basis for the target of 46,000. Bearish trades will only be taken by me only if we break 43,000 levels on the daily time frame for the target of 41,800 or 42,000 levels.