BANK NIFTY WEEKLY STUDY
Last week we mention that bank nifty having a good support at 10600 level and green close near to this level then one can buy for a target of 11000-11100 and it able to move till 11200 level last week, even we mention that bank nifty having a upside strong resistance near to 11250 level and above this level only strong up move can come or else need to sell near 11250 and from 11200 it able to fall till 10890 level in last trading session.
Now as per the current chart of bank nifty we can see that it has made “FALLING WEDGE” on chart and able to cross this wedge upper side but not able to confirm the upper direction next day.
As per the candlestick pattern bank nifty has given a “DARK CLOUD COVER” candle , couple of session back, and same was confirm by next days red candle on chart.
On a weekly chart it has given a “GRAVESTONE DOJI” candle which can indicate some support at bottom levels.
So with the basic chart pattern we can again saying that bank nifty having a support at 10800 and 10600 levels and bounce from this support level will give some up move in a market and if bank nifty able to give close below this range then only we can expect positional selling in a market.
Any support at 10600-800 range can give bounce till 11100-11250 level and more up move only above 11250, down side below 10800 it will try to take support near 10600 but below 10600 level market can show us 10400-10200-9800 levels also if it close below 10600.
LAST WEEK CALLS
GODREJIND 284 TO 298
CURRENT WEEK CALLS
Buy NESTLE above 2565 sl 5100 target 5500-5600
Buy CIPLA above 425 sl 400 target 440-475
Buy NMDC above 147 close sl 135 target 160-175
Buy ARSS infra above 27 close sl 20 target 36-45
Buy CERA above 765 sl 720 target 800-835
Buy PRESTIGE above 150 close sl 136 target 160-175