BANK NIFTY WEEKLY STUDY
In bank nifty we clearly mention that market having resistance in a range of 10350-10450 range and just see it given a fall from 10400 level till our mention support level of 10000. So bank nifty last week followed our mention levels perfectly.
Now as per the current chart development bank nifty exactly made patterns as per nifty chart only, mid of last week it has given some bearish candles like “SHOOTING STAR” candle, after that a “BIG RED BEAR” candle and in last session this fall was controlled by “BULLISH HARAMI” candle on chart.
As per the chart we can see that there is a development of “SYMMETRIC TRIANGLE” on chart, and rsi able to touch the resistance level, and this is the reason we seen some volatile range bound movements in last week.
Now as per current development, market is ready for some big moves in upcoming days, so strictly we need to follow the trend with mention levels.
At present bank nifty having a good support at 10000-9950 level and good resistance in a range of 10300-10400 range, once if market able to close beyond this levels and next day follows the same trend then only we will able to get confirmation of upcoming directions, so mark this level as an important level for trading purpose on 2 days closing basis for proper confirmation.
WEEKLY CALLS
Buy TATA MOTOR above 390 close sl 375 target 410-425 if unable to close above 390 then don’t stay long please it will give selling indication stock.
Sell BAJAJ AUTO below 1790 sl 1855 target 1742-1711
Sell BHEL below 145 sl 156 target 132-121
Buy IDEA above 140 sl 132 target 148-155
Buy SYMPHONY above 518 sl 485 target 555-595
Buy VISHNU CHEM above 64 sl 52 target 85-115