10 August 2018

BANKNIFTY WEEKLY PREDICTION & CHART FOR 13 AUG TO 17 AUG 18

WEEKLY RESISTANCE FOR BANKNIFTY :28500,28650,28800
 PIVOT POINT: 28000
WEEKLY SUPPORT FOR BANKNIFTY:  27900,27800,27600
WEEKLY CHART FOR BANKNIFTY


The Nifty Bank index started the week with a gap up opening and continued its positive momentum to end the session with gains of about three-fourths of a percent at 27960.On Tuesday The Nifty Bank index traded in a narrow range of 160 points throughout the session and ended the day with a negligible loss at 27947. Wednesday’s trading session, the Nifty Bank index opened on a positive note and rallied higher to cross the 28000 mark for the first time ever. The index continued the positive momentum led by some of the index heavyweights and ended the session with gains of 0.67% over its previous day's close at 28127. On Thursday Nifty Bank index opened gap up and continued the positive momentum throughout the session. The index ended the session with gains of almost a percent over its previous day's close at 28351.on Friday nifty bank index opened the session at 28342 made a high of 28380 and low of 28150 & finally closed the week at 28154 down by 197 points.

The Nifty Bank index witnessed bullish trend this week. The index has closed above the 28000 for the first time and hence the broader trend for the index continues to be positive. One of the hurdles seen is the divergence with RSI on the lower time frame charts. However, we don't expect the index to react to the same as the momentum in some of the index heavyweights is still strong. Hence, short-term traders should continue to trade with a positive bias and use any weakness as buying opportunities; whereas intraday traders should be very selective in picking stocks for trading. The intraday supports for the index are placed around 27940 and 27827; whereas resistances are seen around 28180 and 28260. We continue with our positive bias and expect the index to approach 28500 - 286700 soon. Traders are advised to continue to trade with a positive bias and avoid taking any contra trades.

2 comments:

  1. Heya just wanted to give you a quick heads up and let you
    know a few of the pictures aren't loading correctly.
    I'm not sure why but I think its a linking issue.
    I've tried it in two different web browsers and both show the same results.

    ReplyDelete
  2. Hello just wanted to give you a quick heads up and let you know a
    few of the images aren't loading correctly. I'm not sure why
    but I think its a linking issue. I've tried it in two different browsers
    and both show the same results.

    ReplyDelete