Bank nifty weekly view –
As per our past reading in bank nifty we already inform that it’s in positional selling from 11800 level and given down levels till 8500 recently it has almost made till this level around 8800 range.
Weekly chart study for bank nifty –
In simple words to say, let the bank nifty cross over attest one résistance level and we can see some massive recovery in this index. As per the bank nifty chart we can see that in last 3 month bank nifty has given a massive single direction fall, but recent development with RSI indicate that RSI has stop falling now, and looking for upper direction now, its also a case of “POSITIVE CONVERGENCE” on chart so once able to cross over resistance level then this pattern will get confirmation and which can give a decent recovery in bank index.
as per the chart pattern it can form a rounding bottom here, and as per the candlestick pattern on weekly chart we can see that it has given a “DOJI” candle on weekly chart, which is indication of trend reversal but only after confirmation of it.
So over all bank nifty study indicate that bank nifty having a major support at 8800 range on weekly and daily chart also, and upper side recent resistance is 9550, once able to give close above this level for two trading session then we can expect a big recovery in bank index.
All traders who have stuck in bank nifty or banking stock can consider following levels to decide for their short term trading in this sector, which can give you better opportunities to do the profitable trades.
Bank nifty support levels at 9000-8800 and resistance levels at 9550-9800 beyond this range we can see big moves for sure.
Weekly calls –
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Buy RCOM closing above 125 sl 110 target 150-200-250