Last week above 31100 Bank Nifty almost did our 2nd weekly target. The low for the week was 30901, which was precisely our Weekly Gann Support level. The Bank Index ended the week with 103 points gain.
In the previous week’s analysis, we also discussed. The Bank Nifty is approaching a Critical fixed time cycle period. The effect of that Time cycle came into play in the latter part of the week.
As after making the high on Wednesday, Bank Index started correcting and on Friday made the low around 31055 levels.
The past week also offered many great trading opportunities on lower time frames like hourly & 15 min.
Our ‘Kinship Trading Principle’ technique on Hourly chart gave BUY alert on 14th Nov. & that signal continues for the whole last week. In fact it additionally gave one more BUY entry on 19th Nov.
At the same time, last week, more excellent trading opportunities were also there on 15 min chart.
On 15 min time frame chart ‘Kinship Trading Principle’ gave BUY-Signal on 18th Nov., and that signal continues till 21st Nov.
On 22nd Nov Friday, it gave us Exit/Sell-Signal. Both Long & short trade was an excellent opportunity of making 800 points profit per lot in a single week.
Bank Nifty Weekly Analysis
After making the low near to one of the critical Gann angle support lines, Bank Nifty continued it’s upside journey.
The Key-resistance level for Bank Nifty is at 31600. Any close above that will trigger a more strong upside.
At the same time, the primary support for Bank Index is at 30800 levels below that we may see some critical changes in the present upside trend.
In the forthcoming week, 25th & 28th Nov are the critical dates.
Note: Above mention Price projection & other Information are for educational purpose only.