BANKNIFTY WEEKLY PREDICTION & CHART FOR 16 TO 20 JULY 18

Nifty Bank index opened the week gap up and traded with a positive bias throughout the dayon monday. The index eventually ended the day near the day's high and posted gains of about 1 percent. On Tuesday Along with the broader markets, Bank Nifty Index opened on a positive note and the optimism continued throughout the session to end with gains of around half a percent tad below 26900 levels. On Wednesday opening on a flat note, the Nifty Bank index consolidated in a range in of Tuesday’s session & closed with a marginal loss. In Thursday session The Nifty Bank index started on a positive note and rallied higher side. The index approached the resistance of 27165. It cooled off a bit during the latter half from the resistance but ended the session above the 27000 mark. On Friday banknifty has ended below 27000 zone. The banknifty has started the week from 26620 made a high of 27153 and low of 26606 & finally closed at 26962.

The next trended phase would depend upon the direction of the breakout from this triangle. Short-term traders are advised to focus on stock specific moves within the sector until we see a decisive breakout. Going ahead, the bank nifty index needs to cross the resistance of 27200 for continuation of the positive momentum. This week low around 26600 would be seen as support for the next week. If this support is breached, there would be a probability of a retracement towards 26400. Traders are advised to keep a tab on the above mentioned levels and trade with a proper risk management.

Resistance: 27175, 27250, 27325

Support: 26600, 26500, 26400