BANKNIFTY WEEKLY OUTLOOK & TIPS FOR 7 MAY TO 11 MAY

WEEKLY RESISTANCE FOR BANKNIFTY: 25842, 25973, 26325, 26677

PIVOT POINT: 25621

WEEKLY SUPPORT FOR BANKNIFTY :  25490,25269,24917,23565

WEEKLY CHART FOR BANKNIFTY

DAILY RESISTANCE FOR BANKNIFTY: 25774, 25823, 25958,26093

PIVOT POINT: 25688

DAILY SUPPORT FOR BANKNIFTY : 25639, 25553, 25418,25283

DAILY CHART FOR BANKNIFTY

Stop-long positions at 25,500. Stop-short positions at 25,830. Big moves could go till 26,150, 25,350.

Bank Nifty opened the week at 25401, made a high of 25753, low of 24752 and closed the week at 25724. Thus it closed the week with a gain of 256 points. As the bank nifty is managing to trade above its 22 and 55&200 days moving averages with the RSI of 64, one may expect the targets of 25800/25900/26200 in the bank nifty if it manages to sustain above the immediate support level of 25500/25400.

banknifty Still In Positive Momentum, Hold Long With Strict Sl 25000

Technically, BANKNIFTY is still in positive zone but. BANKNIFTY would be considered weak only below 25500 levels. BANKNIFTY would see reversal if it is closes below 25500 levels. Overall, it is strong for long-term . Investors can go long above 25830. Bank Nifty may see some further temporary correction but traders should initiate short position only below 25500 levels until then take new long ONLY ABOVE 25830. If bank nifty managed to close above 25830 levels. Or breaching this level. Bank nifty would force it to move towards 25900-26000-26200 levels.

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma bank Nifty – 25190 close above it. The banknifty continue to remain above the medium term average of 55dma Bank Nifty – 25135 and above the long-term average of 200dma Bank Nifty 24630. MACD and Price ROC are both positive and in buy mode. RSI (64) 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.