BANKNIFTY PREDICTION FOR 28 MAY TO 01 JUNE 2018

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WEEKLY RESISTANCE FOR BANKNIFTY: 25992, 26140, 26365, 26625

PIVOT POINT: 25845

WEEKLY SUPPORT FOR BANKNIFTY :  25620,25472,25325,24805

WEEKLY CHART FOR BANKNIFTY

DAILY RESISTANCE FOR BANKNIFTY: 26371, 26436, 26502,26672

PIVOT POINT: 26161

DAILY SUPPORT FOR BANKNIFTY : 26095, 26030, 25820,25649

DAILY CHART FOR BANKNIFTY

Stop-long positions at 25,400. Stop-short positions at 26,290.

Bank Nifty opened the week at 25952 made a high of 26292, low of 25550 and closed the week at 26240 . Thus it closed the week with a gain of 320 points. As the bank nifty is managing to trade above its 22 and 55&200 days moving averages with the RSI of 60, above  26290 one may expect the targets of 26500/26650/26700/26800 in the bank nifty if it manages to sustain above the immediate support level of 26000/25780/25500. And resistance level for bank nifty are 26290,26470 ,26550.

                                 As predicted by us in our last weekly report “BANKnifty seen strong resistance level at 26050 and above 26050 it will trade for 26280 “and exactly same happened. They managed to trade above the resistance level of 26050 and achieved target of 26280 made a high 26292 . now open for final target of 26500.                   

banknifty Still In Positive Momentum, Hold Long With Strict Sl 25400

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 only below 25400 levels. Overall, it is strong for long-term . Investors can go long above 26290. 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 – 25790 close above it. The banknifty continue to remain above the medium term average of 55dma Bank Nifty – 25500 and above the long-term average of 200dma Bank Nifty 24836. MACD and Price ROC are both negative and in sell mode. RSI (60) suggests bullish momentum. Thus the trend in the long term has remained bullish whereas the trend in the medium term timeframe continues to remain bullsih.