BANK NIFTY WEEKLY CHART STUDY
As we mention that bank nifty support near 14700 level and green close near to support leaded for the up move in bank nifty.
As per current chart development we can observe one thing that nifty able break its recent high level but bank nifty still not able to do that, this can indicate that there is still small divergence between two indices, so we can see the adjustment in coming week.
After a “TWIZZER BOTTOM” candles in last week, it has taken a sharp reversal on chart.
If we observe rsi at present then we can see that, price is rising and rsi is in falling mode, so again there is a “POSITIVE DIVERGENCE” at upper levels.
Even it has given a “FLAG” breakout on chart but further movement confirmation we can get only after breaking the recent high on chart.
So with the basic chart study we can say that, if bank nifty able to move above 15600 level on closing basis or if sustain above this level for 1 hour of trading then upside we can see 15800 level and if close above 15600 then for holding we can see 16200-16800 levels in coming days.
If it able to give red candle near to the top level of 15750 level, then it can be double top at upper level, which can also lead for some down fall till 15100-14700-14500 level.
So overall bank nifty weekly range is 15600 and 15100 if market able to move and close beyond this range and if able to close for 1-2 trading session then we can see some direction move.
LAST WEEK CALLS PERFORMANCE
SEQUIENT 280 to 335
ANSAL PROP 34 TO 37
IGL 327 TO 348
CALLS FOR CURRENT WEEK
Buy DLF above 235 sl 222 target 247-260
Buy UCO BANK above 116 sl 109 target 126-132
Buy MCLEODRUSS above 300 sl 285 target 315-340 hold if close above 310 for 380-420
Buy GODREJIND above 324 sl 310 target 338-355
Buy RCOM above 153 sl 143 target 165-178
Buy RELIANCE above 1135 sl 1100 target 1184-1250
Buy DIVIS LAB above 1285 sl 1245 target 1333-1385
Buy PNB above 1030 sl 995 target 1065-1120
Buy LUPIN above 955 sl 925 target 988-1025
Buy TIPSIND above 58 sl 40 target 75-95-115
Buy VADILAL above 215 close sl 194 target 240-289