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BANK NIFTY WEEKLY CHART STUDY

bank nifty_1

BANK NIFTY WEEKLY CHART STUDY

As we mention that last week bank nifty made ““PIERCING PATTERN” with 100 DMA support level but it unable to cross the resistance level of this pattern which was 15750 we mention last week.

Last week also we seen bank nifty giving stepping down candles on charts, with not much movement on chart, and at present its again on 100 DMA level now.

On a weekly chart of bank nifty we can see that it has taken support on 20DMA now, and if you observe one thing you can find that, in this up trend it has not given more than three red candle on chart till now and last week it was 3rd red candle of current fall, so next week seems to be trend deciding week for bank nifty if able to test the inform levels.

So with overall chart consideration we can see that again it’s a important week coming for bank nifty now, because its trading on highly pressure point now as per chart, and with the testing of levels it should able to give some big moves in coming time.

For current week we can see biggest support at 15000-15150 range for bank nifty till the time its not going below and closing below this we can’t expect a biggest fall as its trading near to 15300 now.

If able to take support here then upside we can expect 15450-15750-16100 levels also.

So over al concerning game changing level for bank nifty is 15000-15150 support range.

CALLS FOR CURRENT WEEK

Buy GREENFIRE at 1.10-1.15 sl 0.50 target 2.50-5-10 one can hold this small price script with mention level as sl for long term also.

Buy V2RETAIL at 35-40 range sl 28 target 70-88-120

Buy HYDROS&S above 210 sl 155 target 280-350-450

Buy BATA INDIA above 1410 sl 1360 target 1480-1550

Buy RELAXO above 545 sl 510 target 585-650

Buy LIBERTY SHOE above 318 sl 295 target 355-370

Buy GDL above 280 closing basis sl 230 target 450-550-700

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