BANKNIFTY REPORT FOR FINANCIAL YEAR 2017-18

WEEKLY RESISTANCE FOR BANKNIFTY: 21582, 21637, 21670, 21699

PIVOT POINT: 21526

WEEKLY SUPPORT FOR BANKNIFTY :  21495,21464,21409,21353

WEEKLY CHAT FOR BANKNIFTY

DAILY RESISTANCE FOR BANKNIFTY: 9203, 9212, 9230,9242

PIVOT POINT: 9194

DAILY SUPPORT FOR BANKNIFTY :  9171, 9158, 9146,9130

DAILY CHART FOR BANKNIFTY

banknifty Still In Positive Momentum, Hold Long With Strict Sl 21295

Technically, Indian Stock Market is still in positive zone but market has witnessed divergence on the last trading session of the Financial Year 2017. Now, we are into new Financial Year 2018 and on 3 Aprilpositive movement wasalready decide the market direction. Some profit booking can’t be ruled out at this point of time. Market would wait for RBI Monetary Policy meeting on April 05-06 and then would see some correction before resuming the positive rally. Market would be considered weak below 21400 levels for bank Nifty. Indian Stock Market would see reversal if bank Nifty closes below 21331 levels. Overall, Indian Stock Market is strong for mid tolong-term and Investors can go long at every dip in the market. Bank Nifty may see some further temporary correction but traders should initiate short only below 21295 levels for Bank Nifty and until then, every downfall is an opportunity to go long in the Bank Nifty.

HIGHEST WEEKLY CLOSING FOR bankNIFTY.

Bank Nifty opened the week at 21363, made a high of 21603, low of 21315 and closed the week at 21585. Thus it closed the week with a gain of 298 points. As the bank nifty is managing to trade above its 22 and 55&200 days moving averages with the RSI of 66, one may expect the targets of 21560/21700 in the stock if it manages to sustain above the immediate support level of 21400/21331.

Bank Nifty has registered highest weekly closing for the last week of the current financial year. The year saw the market overcoming some very strong hurdles in the form of bearish news flows, locally (demonetization) as well as globally (Brexit, Trump win). Despite all possible hurdles, the financial year has ended on a high note, thereby providing lot of optimism for the next financial year. Market participants should not be surprised if the Nifty reaches five digits or Bank Nifty above 22000 in the next financial year. In the very short term, the Bullish Weekly Gap (bank nifty 20797-21250 and Nifty 9145-8960) has supported the market second week running and hence it will act as strong support in the market second week running and hence it will also act as strong support in the near term.

BankNifty IMMEDIATE support:21400-21331-21250-21150

BANKNIFTY IMMEDIATE RESISTANCE: 21500-21580-21660-21700