BANK NIFTY WEEKLY CHART STUDY
As per last week levels we mention that bank nifty having a good support in a range of 12800-900 range and closing below this level only can give fall in market, last week it able to test the support level but unable to close beyond the support levels, which can indicate that bank nifty still not able to change its direction yet.
As per current chart development we can see that, bank nifty has taken support on trending line now, so current week staring is much more important for bank nifty now.
Even on monthly chart bank nifty has made a “DOJI” candlestick pattern and still in making of “SHOOTING STAR” candle stick pattern on chart.
As of now as per chart bank nifty is having support at 12700 level if close below this then we can expect a level of 12400 and moving below 12400 and closing beyond the level can give some trend changing indication on bank nifty chart.
Below 12400 we can expect 11800-11400-11000 level also.
If bank nifty able to give positive candle or green candle on support level then we can expect a trend reversal again which can take bank nifty again at the level of 13150-13300-13500 and if able to move and close above 13500 level then we can expect some big moves in banking index till 14200-14800 level also.
Calls for current week
Buy FRL above 144 sl 130 target 160-175
Buy AUROBINDO above 605 close only sl 555 target 655-715
Buy UPL above 290 close sl 260 target 335-380
Buy ENGINEERS INDIA above 245 sl 220 target 280-295
Delivery buy MUTHOOT FIN above 190 close only sl 150 target 235-280
Buy SOMANY CERA above 206 close sl 180 target 225-245
Buy AMTEKAUTO above 186 close sl 165 target 225-245-285