BANKNIFTY PREDICTION & CHARTS FOR 04 JUNE TO 08 JUNE

WEEKLY RESISTANCE FOR BANKNIFTY: 27353, 27563, 27774, 28342

PIVOT POINT: 26637

WEEKLY SUPPORT FOR BANKNIFTY :  26216,25502,24931,24363

WEEKLY CHART FOR BANKNIFTY

DAILY RESISTANCE FOR BANKNIFTY: 26814, 26899, 26984,27251

PIVOT POINT: 26717

DAILY SUPPORT FOR BANKNIFTY : 26547, 26499, 26316,26183

DAILY CHART FOR BANKNIFTY

Stop-long positions at 26,500. Stop-short positions at 26,800.

Bank Nifty opened the week at 26334 made a high of 26776, low of 25987 and closed the week at 26645 . Thus it closed the week with a gain of 405 points. As the bank nifty is managing to trade above its 22 and 55&200 days moving averages with the RSI of 61, above  26800 one may expect the targets of 27000/27200/27450/27700 in the bank nifty if it manages to sustain above the immediate support level of 26500/26330/26000. And resistance level for bank nifty are 26800,27000 ,27500.

                                 As predicted by us in our last weekly report “BANKnifty seen strong resistance level at 26290 and above 26290 it will trade for 27000 “and exactly same happened. They managed to trade above the resistance level of 26290 and achieved target of 27000 made a high 27058 .

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 26500 levels.or below 26500 downtrend would be open for 26000-25500. Overall, it is strong for long-term . Investors can go long above 26800. If bank nifty managed to close above 26800 levels. Or breaching this level. Bank nifty would force it to move towards 27000-27100-27500-27700 levels.

TECHNICALLY SPEAKING.

          This week, the indices short-term average of 22dma bank Nifty – 26070 close above it. The banknifty continue to remain above the medium term average of 55dma Bank Nifty – 25677 and above the long-term average of 200dma Bank Nifty 24913. MACD and Price ROC are both negative and in sell mode. RSI (61) 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.