BANK NIFTY WEEKLY STUDY
As we said in last week, for up move bank nifty need to close above 15600 level, but it unable to give close above mention level and that resulted in a good fall till 15085 level in last week.
Again we are telling that, nifty has tested its life time high for past week, but bank nifty not able to even break or touch its high level, which is the indication of divergence between two major indices again.
As per the current chart development of bank nifty, it has given a “EVENING STAR” candle in last week, and pattern has support level of 15320 after braking this level it has given a good fall on chart.
Even its able to come below initial support level now, but still trading above the long term supporting trendline on chart.
Overall all pattern and chart suggesting the support level of 14700 and 14450 on chart now.
So bank nifty can try to get support near to this levels, but moving below this level can give a good correction in banking index.
So we can suggest that one can just wait on watch the development near to support level, if this support is taken then one can go along with small stop loss, but if able to close below mention level then we can wait for a good correction.
Weekly support levels are 15000-15700-15450 and upside resistance levels are 15300-15450-15600-15750 so one can do some small trading near to mention support and resistance level with low risk keeping in mind.
LAST WEEK CALLS PERFORMANCE
DLF 235 TO 243
GODREJIND 324 TO 351
RCOM 153 TO 157.50
DIVIS LAB 1285 TO 1354
LUPIN 955 TO 995
CALLS FOR CURRENT WEEK
BUY MOTHERSUMI ABOVE 325 CLOSE SL 305 TARGET 355-385
DELIVERY BUY SMLISUZU BETWEEN 450-515 SL 350 TARGET 750-850-1150
BUY MCDOWELL ABOVE 2800 CLOSE SL 2750 TARGET 2870-2950-3100
BUY CRISIL ABOVE 1610 CLOSE SL 1350 TARGET 1850-2250-2800
BUY M&M ABOVE 1260 ADD MORE ABOVE 1280 SL 1100 TARGET 1450-1850-2300
BUY HINDUNILIVER ABOVE 646 CLOSE SL 615 TARGET 710-750
BUY CUMMINS ABOVE 665 ADD MORE ABOVE 680 SL 610 TARGET 800-950-1150
Some of the calls above posted are for long term holding for almost 1-2 years which are not concern with current weekly trend whenever such stocks cross and close above mention level one can hold them for long term with mention support levels.