31 January 2018

BANKNIFTY PREDICTION FOR UNION BUDGET 1 FEB 2018

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"BANKNIFTY 27200 1 FEB PUT ACHIEVED 1ST TGT 215 MADE A HIGH OF 237.70"
DAILY RESISTANCE FOR BANKNIFTY: 27534, 27642, 27720,28170
PIVOT POINT: 27426
DAILY SUPPORT FOR BANKNIFTY : 27348, 27270, 27162,26868
DAILY CHART FOR BANKNIFTY
HIGHEST WEEKLY CLOSING FOR bankNIFTY.
Bank Nifty opened the week at 27637, made a high of 27639, low of 27170 and closed the week at 27468. Thus it closed the week with a loss of 21 points. As the bank nifty is managing to trade above its 22 and 55&200 days moving averages with the RSI of 80, one may expect the targets of 27700/28000 in the stock if it manages to sustain above the immediate support level of 27000/26800.
banknifty Still In Positive Momentum, Hold Long With Strict Sl 26800
Technically, BANKNIFTY is still in positive zone but, Market would Highly Volatile on Union Budget day.Some profit booking can be ruled out at this point of time. But overall market is positive until it holds 26800 levels for BankNifty on closing basis. Risk-averse traders can book profits near 27600 to avoid risk of volatility.BANKNIFTY would be considered weak below 26800 levels for bank Nifty. BANKNIFTY would see reversal if it is closes below 26800 levels. Overall, it is strong for long-term and Investors can go long at every dip. Bank Nifty may see some further temporary correction but traders should initiate short only below 26800 levels until then, every downfall is an opportunity to go long in the Bank Nifty. Ifbank nifty managed to close above 27500 levels.Or breaching this level.bank nifty would force it to move towards 27700-27900-28000-28300 levels.

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