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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