BANKNIFTY NEXT WEEK VIEW & TIPS FOR 7 TH TO 11 MAY '18

WEEKLY RESISTANCE FOR BANKNIFTY: 26146, 26282, 26387, 26492

PIVOT POINT: 26000

WEEKLY SUPPORT FOR BANKNIFTY :  25904,25799,25663,25526

WEEKLY CHART FOR BANKNIFTY

DAILY RESISTANCE FOR BANKNIFTY: 26542, 26606, 26854,27039

PIVOT POINT: 26422

DAILY SUPPORT FOR BANKNIFTY : 26173, 26053, 25747,25563

DAILY CHART FOR BANKNIFTY

Stop-long positions at 25,150. Stop-short positions at 25,400. Big moves could go till 27,000, 25,000.

Bank Nifty opened the week at 27760 made a high of 26429, low of 25737 and closed the week at 26415 . Thus it closed the week with a gain of 691 points. As the bank nifty is managing to trade above its 22 and 55&200 days moving averages with the RSI of 70, one may expect the targets of 26500/26700/27000 in the bank nifty if it manages to sustain above the immediate support level of 25400/25150. And seen 26500,26850 as a resistance level.                    

                                 As predicted by us in our last weekly report “BANKnifty seen strong reristance  level at 25830 and support level of 25500 “and exactly same happened. They managed to trade above the support level of 25500 and achieved all the target @ 26200 made a high 26415.                    

banknifty Still In Positive Momentum, Hold Long With Strict Sl 25150

Technically, BANKNIFTY is still in positive zone but. BANKNIFTY would be considered weak only below 25400 levels. BANKNIFTY would see reversal if it is closes below 25400 levels. Overall, it is strong for long-term . Investors can go long above 26500. Bank Nifty may see some further temporary correction but traders should initiate short position only below 25400 levels until then take new long ONLY ABOVE 26500. If bank nifty managed to close above 26500 levels. Or breaching this level. Bank nifty would force it to move towards 26700-26850-27000 levels.

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma bank Nifty – 25530 close above it. The banknifty continue to remain above the medium term average of 55dma Bank Nifty – 25290 and above the long-term average of 200dma Bank Nifty 24700. MACD and Price ROC are both positive and in buy mode. RSI (70) 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.