WEEKLY RESISTANCE FOR
BANKNIFTY :28500,28650,28800
PIVOT
POINT: 28000
WEEKLY
SUPPORT FOR BANKNIFTY: 27900,27800,27600
WEEKLY CHART FOR BANKNIFTY
The Nifty
Bank index started the week with a gap up opening and continued its positive
momentum to end the session with gains of about three-fourths of a percent at
27960.On Tuesday The Nifty Bank index traded in a narrow range of 160 points
throughout the session and ended the day with a negligible loss at 27947. Wednesday’s
trading session, the Nifty Bank index opened on a positive note and rallied
higher to cross the 28000 mark for the first time ever. The index continued the
positive momentum led by some of the index heavyweights and ended the session
with gains of 0.67% over its previous day's close at 28127. On Thursday Nifty
Bank index opened gap up and continued the positive momentum throughout the
session. The index ended the session with gains of almost a percent over its
previous day's close at 28351.on Friday nifty bank index opened the session at
28342 made a high of 28380 and low of 28150 & finally closed the week at
28154 down by 197 points.
The Nifty
Bank index witnessed bullish trend this week. The index has closed above the
28000 for the first time and hence the broader trend for the index continues to
be positive. One of the hurdles seen is the divergence with RSI on the lower
time frame charts. However, we don't expect the index to react to the same as
the momentum in some of the index heavyweights is still strong. Hence, short-term
traders should continue to trade with a positive bias and use any weakness as
buying opportunities; whereas intraday traders should be very selective in
picking stocks for trading. The intraday supports for the index are placed
around 27940 and 27827; whereas resistances are seen around 28180 and 28260. We
continue with our positive bias and expect the index to approach 28500 - 286700
soon. Traders are advised to continue to trade with a positive bias and avoid
taking any contra trades.
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