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BANK NIFTY WEEKLY CHART STUDY

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BANK NIFTY WEEKLY CHART STUDY

Last week we mention that bank nifty has broken all the important support levels but there is only one support remaining which can be key level, and that was the support of previous gap in a range of 14350-70 and just see as per our accurate spotting it able to fill this gap level, made low of 14340 and same day it close at 14490 level, so at that point it has filled the gap and able to close above the gap level which was the bullish indication on chart, and as per our view it able to move upside with the mention support levels and able to hit the upper target of 15100 made high level of 15465.

As per the chart we can see that last week it has given a “HAMMER” with “MORNING STAR” on chart and able to give proper reversal with this pattern on chart.

Now with recent chart development we can see that it has given an “OUTSIDE BAR” on chart, so the range of this bar will be important for coming week.

For now bank nifty having resistance at 15470 level if able to move and close above this the we can see 15650-15750-15850 also.

Any negative close or bearish pattern formation near to 15500 level then we can see some correction also till 15300-15000-14800 levels.

On a weekly chart it has given a “INSIDER BAR” on chart. So overall all this weekly range and last trading session range will be more important for bank nifty in coming trading sessions.

CALLS FOR CURRENT WEEK

BUY ADANI PORT ABOVE 295 CLOSE SL 275 TARGET 325-360

BUY BROOKS ABOVE 39 CLOSE SL 33 TARGET 47-55

BUY AXIS BANK ABOVE 2010 ON CLOSING BASIS SL 1925 TARGET 2100-2250

BUY ICICI BANK ABOVE 1490 SL 1450 TARGET 1525-1570

BUY IRB ABOVE 277 ON CLOSING BASIS SL 245 TARGET 350-450

BUY HINDALCO ABOVE 190 ON CLOSING BASIS SL 175 TARGET 225-270

BUY YESBANK ABOVE 557 SL 535 TARGET 580-597

BUY BAJAJ HOLDING ABOVE 1300 SL 1150 TARGET 1600-1800-2200-2400

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