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Bank Nifty For Week Starting Mar 20

Bank Nifty opened Gap Up at 21189 last week responding to UP election results but did not move much throughout week and closed at 21175 forming Doji on weekly candle.
Bank Nifty closed above 21100 (3 digit Gann No). Also it is closed at all time high on weekly closing! Weekly chart shows breakout and if sustained above 21100 can achieve target of 21800/22500 in coming week.

GANN ANGLES:

Bank Nifty is above Weekly 45 degree Gann angle, confirming Bullish Trend. Target by one of the Gann methods (7x Base) is 20743. So we may see Bank Nifty achieving this target in ongoing bullish trend before any major correction/sideways move.

GANN Time Analysis:

Week starting Mar 6 was 26th week from top of Sep 7, 2016 and week starting Feb 27 was 52nd week from major bottom of Feb 29,2016. Hence we expect possibility of mid term top/bottom around these dates. So possibility of low formed on Mar 3 at 20423 may be mid term low or high formed on mar 17 at 21336 may be mid term top.
Monthly chart is also predicting possibility of low at 20423 as this is 13th month from major low of Feb 2017 or some high is still possible this month. Monthly chart is also showing possibility of breakout as Index is breaking blue channel line.

Solar Cycle:

A new major solar cycle will start on Mar 22. hence, this week may also set future trend for market.

Bearish Signal:
Bank Nifty formed Doji on weekly chart as well as Bank Nifty closed below low of previous day low on Mar 17. So some correction/sideways move can not ruled out before it start moving up!

For Tomorrow Below 20150 target is 21050/2020950. Above 20200 target is 21300/21400

Daily close above 20300  may take Bank Nifty to 21550/21800 this week. Daily close below 21000 will lead to 20800/20600.
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