PIVOT
POINT: 27500
WEEKLY
SUPPORT FOR BANKNIFTY: 27400,27300,27200
WEEKLY CHART FOR BANKNIFTY
DAILY RESISTANCE FOR BANKNIFTY:
27835,27875,27900
PIVOT
POINT:27600
DAILY
SUPPORT FOR BANKNIFTY : 27525,27425,27375
DAILY CHART FOR BANKNIFTY
The banknifty future started trading for
the week with a positive bias. Post consolidating for a couple of hours, the
index resumed its positive momentum and rallied higher throughout the session
to register gains of three-fourths of a percent. On Monday banknifty future has
closed at 27854. On Tuesday, the Nifty Bank index opened marginally negative
and traded within its previous day's range to end the day with a marginal loss
& closed at 27811. On Wednesday during the initial half of the day, the
Nifty Bank index traded in a narrow range as the market participants awaited
the outcome of the RBI policy. At 2.30 p.m., the monetary policy committee
announces its decision to hike the repo & reverse repo rates by 25 bps. The
Nifty Bank index reacted negatively on the announcement and corrected marginally
to end the day with a loss of 0.60% at 27672. On Thursday the Nifty Bank
index opened on a negative note and continued the negative momentum throughout
the session. The index eventually ended the day near the low point of the day
with a loss of 0.87 percent at 27776. On Friday is has shown some start
recovery banknifty future has started at 27510 made a high of 27800 and low of
27475 & closed the week at 27786 up by 336 points.
In last past week, The Nifty Bank index
has shown some resilience to cross the 27900 - 28000 range in last three
trading session. This range coincides with a rising trend line resistance and
161.8% retracement of the recent corrective move. However, there are no signs
of trend reversal on the charts and thus, this minor correction from the
mentioned resistance just seems o be a correction within an uptrend. Hence, we
advise traders to avoid creating any short positions and use declines as buying
opportunities. The near-term support for the index is placed around 27350;
whereas resistance is seen in the above mentioned range of 27900-27950; above
which the index should rally beyond the 28000 mark.
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