Last week below 31700 Bank Nifty almost did our second weekly target. The Bank Index ended the week with 604 points decline.
In the previous week, we also discussed. Bank Nifty will complete the critical time cycle point. The effect of that Time Cycle came into play. As after making high on 5th Dec Bank Index corrected almost 900 points.
The past week gave many excellent trading opportunities on lower 15 min time frames.
On 15 min time frame ‘Kinship Trading Principle’; first gave BUY-Signal on 04th December. That signal continues till 05th December.
On 05th December, Thursday, it gave us Exit/Sell-Signal around 31900 levels, which lasted till the end of the week on Friday.
Both Long & short trade was an outstanding opportunity for making 900 points profit per lot in a single week.
Bank Nifty Weekly Analysis
In the coming days, Bank Nifty bulls need to trade above 31600 for getting the strength back.
On the lower end, the 31090-30980 area is the Support to watch, below that we can see a dip towards 30800/30400 levels.
In the forthcoming week, 09th & 011th Dec are the critical dates.
Bank Nifty Weekly Trading Levels
Next week 31600 will act as Resistance above which move towards 31750/32000/32400 can seen.
While Support is likely to come at, 31100 below that move towards 30950/30700/30300 can be seen.
Note: Above mention Price projection & other Information are for educational purpose only.