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BANK NIFTY WEEKLY CHART STUDY

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BANK NIFTY WEEKLY STUDY

Last week in bank nifty we clearly mention that 10800 is good support and from there it will try to bounce till 11250 levels. And just see exactly happen, market able to made level of 11248.35.

From past few weeks we are mentioning that bank nifty having strong resistance at 11250 level and every time its falling from that level.

Now with the current chart we can see that bank nifty able to face resistance at upper level, and given a good fall last session.

Given a bearish gap down pattern on chart, this can indicate that market will still try to move more down side near to the support levels.

As per levels we can see support at 10600-700 range and resistance at 11250 ranges.

If market able to close below 10600 level for 2 trading session the good fall to see, but after taking support, bank nifty able to give green candle on chart then we can even hope for good recovery till resistance levels.

Calls for current weeks

Buy DABUR above 165 sl 159 target 170-175

Buy IPCA lab above 770 sl 750 target 790-815

Buy BHARTI INFRATEL above 176 sl 170 target 182-187

Sell CANBK below 247 sl 260 target 235-220

Sell PFC below 136 sl 150 target 120-100

Sell PNB below 580 sl 625 target 550-510

We can see many heavy weight scripts falling too like LT, RELIANCE, and ALL BANKING STOCK TOO.

Till the time we can see any support in this scripts one should avoid buying in a market.

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