BANK NIFTY WEEKLY CHART STUDY
As per chart we can observe that there is not much move in to banking index for last week comparing to nifty moves, and bank nifty still facing a big resistance with multiple topping range between 15750-15650.
If we look at the chart of bank nifty we can see that recently it has taken sharp jump from 70 days moving average, and we can even observe that at upper level bank nifty moving in specific range for a long time now, so at this point is very prettily following the 14 days average now, giving a small jump and small fall beyond the range of 14DMA.
Look at the rsi, still sustaining near to 50 level where as bank nifty not much away from its life time top.
So there are some possibilities of divergences here, and even there is a divergence between nifty and bank nifty price, so this can indicate that after braking any side range we can expect a good move either side.
For current week we can see support level at 15200 and 15100 levels if able to close below this levels then only we can look for some fall till 14800-14600 level.
Any bounce from support will lead for some good up move till 15650-15750 levels and moving above this range on closing basis can even bring also 800-1000-1400 points jump in banking index in coming months.
So work near to support and resistance level, market is still in a range so avoid carrying positive or negative position overnight, try to book profit in a small range, and don’t stand for long time in loss.
CALLS FOR CURRENT WEEK
Buy HINDUNILIVER above 670 sl 635 target 720-750
Buy UPL above 319 sl 302 target 342-355
Buy LUPIN above 1135 if close above 1135 then only hold sl 1100 target 1188-1235
Buy GODREJCP above 865 sl 840 target 890-915
Buy BBTC above 170 if close above 170 then only hold sl 140 target 230-260