BANK NIFTY WEEKLY STUDY
Last week we mention that bank nifty having support at 11000-10950 level and below this rang to look for the selling opportunities, just see below 10950 level it able to make till 10780 level last week.
Even we mention that 11250 is strong resistance and any long position will be taken above this level, if bank nifty able to cross this level, then inform to sell near the resistance and it has given a good weekly fall for last week.
As per the current chart development we can see that bank nifty has clearly moved below the long term support levels on chart, so we can expect a weakness in bank nifty, and it will be a situation like selling on every rise, but follow the support and resistance levels to trade with.
Now bank nifty having support at 10600 level, if any green candle near this level then we can see bounce, but if goes below this then we can see more fall till, 10400-10000-9500 levels, upper side 11000-11100 is a good resistance range, if market give negative close near to this level then one can take sell position here with this range as stop loss, any up move we can consider above 11100 level only or any bounce near to support of 10600 will be consider as an up move.
WEEKLY CALLS
Buy GODREJIND above 284 sl 275 target 295-310
Buy A2ZMINES at 12 for investment with 7 as sl target 22-30-45 and hold till stop loss not trigger.
If NIFTY AND BANK NIFTY ABLE TO GIVE CLOSE BELOW OUR DESIRE LEVELS THEN WE CAN SEE BIG WEAKNESS IN ALL BANKING AS WELL AS NIFTY STOCKS, So waiting for next week is highly important.