BANK NIFTY WEEKLY STUDY
In our last week article we mention that bank nifty is in bearish range with confirmation of sell signal and every up move should be look for selling only, and just see last week it has done movement from 10450 to 9850 almost 600 points this week too.
Now this week again we can see that bank nifty still in a danger zone, as it has already given a positional sell call from 11600 and long term trend reversal signal from 10800 level, so overall chart indicate that any up move in bank nifty shall be used for selling with proper reversal.
We can see on chart that it has just touched the oversold zone in RSI so possible it can confirm the upside reversal signal in a pattern of CONVERGENCE, if able to cross then nearest resistance line and able to say positive for two days.
But if bank nifty break the recent low then RSI still having more scope to fall in oversold zone so this can lead for more down levels in coming days.
Overall chart pattern shows that its having immediate support at 9800 level if able to close below this then we can see 9500-9000 levels soon, if bank nifty able to close above 10250 level for 2 days then only we can see 10500-1850 levels.
So overall support levels are 9800-9500-9000 and resistance levels are 10250-10500-10850 trading near these levels can give more output with lesser risk.
Calls to watch for current week.
TITAN closing above 285 can give upside levels till 300-325
BAJAJ HOLDING at 850 can give upside move till 950-1050
PEL closing above 570 can give move till 650-720
TTK PRESTIGE above 3700 can give 3950-4150
Selling side.
DLF below 125 can give levels of 110-90
SIEMENTS can sell below 440 level can show us 410-370
RELINFRA sell below 308 closing basis can give us levels of 270-250
RELCAPITAL sell below 307 closing basis can give us level of 270-250
AUROBINDO PHARMA sell below 155 levels close can give target till 140-125
OIL INDIA sell below 470 can give levels till 430-370
Last week calls given a big blast with magical movements.
WIPRO 400 TO 452 {in falling market also} 13%
SUNPHARMA 567 TO 581 – 2.5%
TTKPRESTIGE 3610 TO 3680 – 2%
HINDALCO SELL 90 TO 84 – 6.5%
CENTURY TEX SELL AT 233 TO 198 – 15%
BHARAT FORGE SELL AT 205 TO 191 – 7%
COAL INDIA SELL AT 275 TO 250 – 9%
MARUTI SELL AT 1350 TO 1292 – 4.5%
KTK BANK SELL AT 96 TO 72 – 25%
RANBAXY SELL 299 TO 253 – 15.5%
SBIN SELL 1750 TO 1665 – 4.5%
Overall each and every call has given big blasting moves in a range of 2-25% follow all with level for continuous gains.