24 September 2014

BANK NIFTY TECHNICAL REPORT & FORTH COMING STRATEGY

With Nifty and BankNifty trading choppy since last few trading sessions, We though to come out with a Technical report on BankNifty which could help our subscribers.

The whole Chart structure post 16th May 2014 (General election result outcome) seems to be of time-wise consolidation and once this consolidation is over, BankNifty could be out of woods and resume its upward trend

While analyzing the daily charts of “BankNifty” We found the Index could bounce back in case it dips to 15430-15700 zone owning to confluence of supports at lower levels

~ Trendline 1 support is placed just above 15400 levels.

~ Trend line 2 support is placed just above 15550 levels.


~ Neckline support of the “Inverse Head and Shoulder Pattern” is placed at 15460-15500 levels.

As far as news flows and other non-technical data is concerned we believe once the Campaigning for assembly elections pick-up and positive flows from Modi’s US visit sets in, the current negative momentum should end. BankNifty till then could trade choppy with negative bias owning to expiry on 25th Sep 2014
 We believe incase BANKNIFTY SPOT INDEX comes down to 15430-15700 (CMP 15902) band in second half of the current week, longs could be created in the index with a Stoploss of 14940 for targets of 16600 and 16900 in the Index

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