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BANK NIFTY WEEKLY CHART STUDY – YET NOT ABLE TO REACH TILL LIFE TIME HIGH ??? WHAT TO EXPECT NEXT

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In last week study we mention that bank nifty is buy on every fall and above 12850 level we mention level of 13000-13350 and it able to move till 13270 almost.

Now as per current chart development bank nifty has given a “BEARISH HARAMI” candle in last session with the fresh high for the current month, and still it not able to cross its life time high level on charts till now, whereas nifty still making new lifetime high continuously.

So indication is very much clear, bank nifty still strong that nifty index as per last 2-3 week development, and there is a inter market divergences are happening now on chart.

For the current week bank nifty having a good support at 12900-800 range for now, till the time its not moving below this range we cant expect a weakness in banking index, and if it able to move below this range then only we can see fall till 12600-12400-12000 levels in coming days.

If it able to give any positive bar near to support of 12800-900 range then only we can expect a reversal in market till the level of 13300-13500 range and if anytime close above 13500 level then bank nifty can look for a good or even a big breakout of 1000-2000 or even 4000 points in coming days, still this is just assumption as per chart now, we need to take a continuous review of further development as per chart moves.

So one can keep eye on this development now, banking index if give correction then one can wait until correction get completed and buy on any reversal signal, it will try to test its life time high if get reversal from bottom, and after crossing the life time high if sustain for two session above level, then we can expect a good breakout in coming days. But don’t buy now at any level, buy only after breakout or near to support only which can be low risky.

LAST WEEK CALLS PERFORMANCE.

JSWSTEEL 1070 TO 1136

ADANI PORT 205 TO 213

DBREALITY 75 TO 80

SYMPHONY 780 TO 868

DHANUKA 265 TO 282

OTHER CALLS NOT ABLE TO TRIGGER WITH LEVELS OR NOT ABLE TO CLOSE ABOVE MENTION LEVELS.

CALLS FOR CURRENT WEEK

Buy VADILAL above 181 close sl 150 target 210-235-370

Buy CONCOR above 1050 sl 970 target 1125-1175-1235

Buy ARVEE DENIM above 44.50 close sl 41 target 48-52-55

Buy HTMEDIA above 96 sl 85 target 110-125

Buy YESBANK above 470 close only sl 455 target 495-525-555

Buy AUROBINDO above 585 sl 555 target 615-638

Buy KTK BANK above 125 close sl 110 target 150-170

Buy ORIENTAL BANK above 253 close sl 230 target 285-315-340

Buy M&MFIN above 256 close sl 228 target 285-297-315

Buy CANBK above 295 close sl 270 target 325-355

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