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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 had support at 15600 level and if able to close below this then only we can see a good fall, but it made low of 15500 almost and given a close at 15625 level, which was the sign of time being reversal.

Now as per current chart development we can see that, there is not much move in banking index for last week, but now if we see a move above 15800 then next level is 16000 on chart and if it able to close above 16000 successfully then upside we can expect a good move of 16700-17500-18200 also.

Overall downside support is at 15500 level for upcoming trend, and market can change its intermediate trend only if able to close below 15500 level.

So for coming week we see upside 15800-16000 big resistance zone, no doubt if long term trend is strong then bank nifty can look to cross this hurdle also.

And downside good support at 15600-15500 level, so till not moving below this we can expect a good or big fall in this.

 

LAST WEEK CALLS GIVEN

TTKPRESTIGE 4500 TO 4835

PIDDILITE 493 TO 525

RALLIS 240 TO 251

VINDHYA TELE 440 TO 489

OTHER BANKING CALLS GIVEN NOT ABLE TO MOVE LAST WEEK, BUT ONE CAN STILL LOOK FOR BUYING IN LAST WEEK CALL ON BANKS, NEAR TO SUPPORT LEVEL.

CALLS FOR CURRENT WEEK

Buy TATACOMM above 385 hold if close above 385 sl 350 target 415-440

Buy MUTHOOT FINANCE above 205 sl 180 target 240-280

Buy GICHSFIN above 173 sl 158 target 185-210-240

Buy BPCL above 700 close sl 640 target 780-850 one can hold long term with 500 sl target 850-1250-1500

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