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BANK NIFTY WEEKLY STUDY FOR UPCOMING WEEK – SEE THE CHART READING WITH LEVELS

bank nifty positional

Bank nifty weekly study and updates

Last week we inform that if bank nifty close above 10800 level then we can see 11200 level, still it able to make its journey till 11100 level. We also mention that any negative bar’s on chart can only give indication of some reversal moves, but just see all trading session bank nifty given a positive bar’s {green} on chart.

At present we can observe many patterns on bank nifty chart which gives us a indication and reason of slowdown of movement.

On 23rd oct. it has given a “HANGING MAN” candle on chart, which is the indication of slowing down the trend and invitation for reversal.

On 24th oct. it has given a “SHOOTING STAR” candle on chart, which again fixed the boundaries at upper level for bank nifty.

On 25th cot. It has given a “DOJI” candle on chart, which is the indication of confusion between bulls and bears.

As per the chart we can see that price is still taking support on trendline, and RSI has also taken support on trendline, and RSI pattern is look like a “SYMMENTRIC TRIANGE” pattern.

So immiditly bank nifty having a support at 10650-700 level if able to give negative close below this level for 2 trading session then down side it can try to find the support on trend line at 10200 level.

Upper side 11100-11250 is big resistance range for bank nifty now, so major movement we can see beyond this level only.

For coming week bank nifty having support levels at 10650-10200-9950 -9550 and resistance levels at 11100-11250-11500-11850

Till its trading between 10650-11100 range trading near this level is suggested with small stop loss if this range is cross then only on can think to take directional position for holding purpose but only after 2 close beyond the levels.

Last week calls performance

ZEEL 255 TO 273.5 = 7.5%

ZEE LEARN 27 TO 28.55 = 6%

NESTLE 5570 TO 5652

AXIS BANK 1175 to 1223

MARUTI 1480 TO 1550

RECLTD 182 TO 193.5

Other calls unihos, igl, prestige, concor which are not moved in last week can still consider with same levels for breakout.

INVESTMENT CALL GIVEN THINKSOFT AT 75 LEVEL on 8TH JULY 2013 MADE 160 TILL DATE GIVEN ALMOST 114% RETUNS

Calls for current week

Buy APARIND above 118 sl 105 target 130-145

Buy AMRUTANJAN above 120 sl 112 target 130-138

Buy DABUR above 183.5 sl 174 target 195-210

Buy MCLEODRUSS above 288 {one can also buy in a range of 265-280 for delivery holding} sl 265 target 310-335

Buy TATACOFFEE above 1160 sl 1000 target 1400-1550

Buy BAJAJ FINANCE above 1350 sl 1240 target 1550-1800

Buy INFY above 3380 sl 3250 target 3550-3800

Buy THERMAX above 625 sl 570 target 680-750

Sell DLF below 150 close sl 167 target 135-120

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