BANK NIFTY WEEKLY STUDY
Last week mention that bank nifty having support near 11100 level and will try to touch this level, just see it made 11117.45 level {which was near to support} and taken bounce till 11572.50 and we mention upper level till 11500.
Now with the current development we can see that bank nifty has taken a RANGING SUPPORT on trendline, and rsi still below support level.
As we mention in our above study of nifty, that price is still strong even if rsi is weak, so here is same case in bank nifty price on support but rsi shown some weakness.
So with the present chart we can say that BANK NIFTY having a good support in a range of 10900-11000 if it able to give close below this range, then only we can see some big selling pressure in a market and upside its having a strong resistance at 11600-11650 zone, so ultimate strategy for bank nifty is to buy near support range and sell near resistance zone, once it able to cross these levels then take position in that direction. Importantly in need to move below 10900 or above 11600 on closing basis for directional move, till that time we can see range bound move in this range, so better to trade near levels with small sl’s {it doesn’t matter even if you do few trades but should be with small risk and near to important levels}
LAST WEEK CALLS
WIPRO 523 TO 553
TPL PLAST 92 TO 106.5
JET SELL AT 268 ABLE TO MADE 260 ONLY.
CALLS FOR CURRENT WEEK
BUY JAMMU AND KASHMIR BANK above 1435 close sl 1340 target 1520-1600
BUY KTK BANK above 110 close sl 98 target 125-145
BUY HDIL above 51.5 close sl 46 target 60-70
BUY RECLTD above 216 close sl 200 target 230-245
BUY TATACOMM above 300 close sl 260 target 360-425
BUY ONGC above 287 close sl 270 target 300-320
BUY SHRIRAM TRANSPORT FIN above 665 sl 600 target 740-850
BUY LICHSFIN above 210 sl 195 target 235-260
BUY RELCAPITAL above 365 sl 340 target 410-440
BUY RAYMOND above 295 close sl 250 target 330-365
BUY BOMBAY DYING above 71 close sl 66 target 80-90
BUY GSFC above 59 close sl 52 target 66-75
BUY NBCC at 145 sl 125 target 160-185
BUY TALWALKAR above 160 close sl 145 target 175-190