20 April 2018

BANKNIFTY WEEKLY PREDICTION & CHART FOR 23 APRIL TO 27 APR 2018

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WEEKLY RESISTANCE FOR BANKNIFTY: 25298, 25383, 25501, 25619
PIVOT POINT: 25212
WEEKLY SUPPORT FOR BANKNIFTY :  25094,24976,24891,24805
WEEKLY CHART FOR BANKNIFTY


















DAILY RESISTANCE FOR BANKNIFTY: 25082, 25156, 25207,25382
PIVOT POINT: 25009
DAILY SUPPORT FOR BANKNIFTY : 24958, 24833, 24760,24635
DAILY CHART FOR BANKNIFTY
HIGHEST WEEKLY CLOSING FOR bankNIFTY.
Bank Nifty opened the week at 25098, made a high of 25448, low of 24862 and closed the week at 25050. Thus it closed the week with a loss of 169 points. As the bank nifty is managing to trade above its 22 and 55&200 days moving averages with the RSI of 52, one may expect the targets of 25200/25500 in the stock if it manages to sustain above the immediate support level of 24850/24800.
banknifty Still In Positive Momentum, Hold Long With Strict Sl 24800
Technically, BANKNIFTY is still in positive zone but. Some profit booking can be ruled out at this point of time. BANKNIFTY would be considered weak below 24800 levels for bank Nifty. BANKNIFTY would see reversal if it is closes below 24800 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 23800 levels until then, every downfall is an opportunity to go long in the Bank Nifty.If bank nifty managed to close above 25150 levels. Or breaching this level. bank nifty would force it to move towards 25200-25260-25320-25500 levels. The support for the BankNifty is 24850-24770-10670 and the resistance for the nifty is 25200-10350-10450-10780 levels.               
TECHNICALLY SPEAKING.
          This week, the indices short-term average of 22dma BankNifty – 24945 close above it. The indices continue to remain above the medium term average of 55dma Nifty – 25040 and long-term average of 200dma BankNifty 24565. MACD and Price ROC are both positive and in buy mode. RSI (52) suggests bullish momentum. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullish.

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