BANK NIFTY WEEKLY OVERVIEW –
Here we are updating same chart in bank nifty which we updated last week also, and here you can see that it has exactly touch the resistance trend line, which we already drawn in last week.
As per the bank nifty chart we can see that it has given a “BEARISH HARAMI” candle on chart on 11th and 12th sep., and this pattern is having a range from 9950 to 10450 range, so any time bank nifty closing beyond this range will decide the next journey of market.
Another thing we can notice is bank nifty also given a signal of “NEGATIVE CONVERGENCE” on chart, which can clearly indicate us that market has confirm its levels now for any move in future.
Here I would like to mention one point, nifty has given a “BEARISH ENGULFING” pattern on chart and bank nifty has formed “BEARISH HARAMI” chart pattern, so both things indicate that, with respect with bank index, nifty will show some major moves in coming days. {This is just a general view about the indicator for the notice purpose, actual moves can be different}
So overall technical study in bank nifty suggest that, it has made it range from 9950 to 10450 range, moving beyond this range can give some massive moves in a market.
If able to move below 9950 levels then we can see 9650-9400-9200 levels also.
Moving above 10450 and closing above this level will give 2nd breakout in market which can give upper levels till 10850-11200-11700 levels.
So overall coming week conclusion is market can range between 9950 to 10450 levels and moving beyond these levels only can give trending moves in a market.
Last week calls performance –
Bharti 320 to 351.5 = 10% move
Glenmark pharma 521 to 548 = 5.5% move
LUPIN sell 835 to 826 = 1%
ITC 319 to 339 = 6.5%
THINKSOFT 100 to 112= 12%
UBL 820 TO 890 = 9%
HINDALCO 111 to 115 = 3.5%
Overall calls given expected moves.
CALLS FOR CURRENT WEEK –
Buy ADANI ent above 146 sl 125 target 160-175
Buy RELIANCE CAPITAL above 360 level and sell below 335 levels.
Buy Relinfra above 405 level.
Buy Rcom above 152 target 170-250
Buy Bajaj auto above 2020 target 2150-2250
Buy Apollo hospital in a range of 820-830 sl 790 target 950-1050