BANKNIFTY WEEKLY PREDICTION & CHART FOR 30 JULY TO 3 AUG 18

On Monday the Nifty Bank index opened marginally negative, the lower end of last week's consolidation phase acted as support and the index resumed its positive momentum to end the day with gains of half a percent at 27088. On Tuesday In spite of the positive momentum seen in the broader markets, the Nifty Bank index traded in a narrow range and ended the session with a marginal loss at 27058. On Wednesday the Nifty Bank index traded in a narrow range and ended the day with marginal gains at 27102. It was one of the narrowest trading range in the Nifty Bank in recent past. On Thursday after a consolidation of about two weeks, the Nifty Bank index finally gave a breakout above the higher end of the consolidation and resumed its uptrend and closed at 27436.  On Friday it was a historical day for banknfity nifty closed above the 27660 mark i.e. at 27639 after making high of 27660. Many of the midcap and the PSU Banking names which have under performed in the recent past are participating in this upmove.
We continue with our positive outlook and advise traders to continue to ride the trend. The near-term resistances for the index are placed around the 27700 and 27900 whereas the recent resistance of 27200 would now be seen as support.