BANKNIFTY PREDICTION 21 MAY TO 25 MAY 2018

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WEEKLY RESISTANCE FOR BANKNIFTY: 26657, 26950, 27243, 27694

PIVOT POINT: 26340

WEEKLY SUPPORT FOR BANKNIFTY :  25754,25596,25437,24985

WEEKLY CHART FOR BANKNIFTY

DAILY RESISTANCE FOR BANKNIFTY: 25926, 25984, 26103,27283

PIVOT POINT: 26422

DAILY SUPPORT FOR BANKNIFTY : 25804, 25746, 25688,25450

DAILY CHART FOR BANKNIFTY

 

STOP-LONG POSITIONS AT 25,400. STOP-SHORT POSITIONS AT 26,290.

Bank Nifty opened the week at 26411 made a high of 26926, low of 25810 and closed the week at 25920 . Thus it closed the week with a loss of 495 points. As the bank nifty is managing to trade above its 22 and 55 & 200 days moving averages with the RSI of 55, above  26050 one may expect the targets of 26150/26200/26280/26500 in the bank nifty if it manages to sustain above the immediate support level of 25777/25737/25450. And resistance level for bank nifty are 26280,26465 ,26550.

                              As predicted by us in our last weekly report “BANKnifty seen strong resistance level at 26500 and support level of 25400 “and exactly same happened. They managed to trade above the support level of 25400 and traded above resistance level of 26500 and achieved target of 26850 made a high 26926.65 near final target of 27000.    

                banknifty Still In Positive Momentum, Hold Long With Strict Sl 25400Technically, BANKNIFTY is still in positive zone but. BANKNIFTY would be considered weak only below 25400 levels. BANKNIFTY would see reversal if it is closes only below 25400 levels. Overall, it is strong for long-term . Investors can go long above 26050. Bank Nifty may see some further temporary correction near 25400 but traders should initiate short position only below 25400 levels until then take new long ONLY ABOVE 26050. If bank nifty managed to close above 26290 levels. Or breaching this level. Bank nifty would force it to move towards 26400-26550-26700-27000 levels.

TECHNICALLY SPEAKING.

        This week, the indices short-term average of 22dma bank Nifty – 25777 close above it. The banknifty continue to remain above the medium term average of 55dma Bank Nifty – 25450 and above the long-term average of 200dma Bank Nifty 24772. MACD and Price ROC are both negative and in sell mode. RSI (55) suggests bearish momentum. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bearish.