Bank nifty trend analysis 26 to 30 May 2014

Bank nifty trend analysis 26 to 30 May 2014

Bank nifty daily chart technical analysis

Bank nifty spot on last trading session closed at 15,285 with gains. On daily chart bank nifty index price trend and momentum both are strong bullish. After correction bank nifty resumed primary trend and heading for fresh all time high. For next week, bank nifty spot support zones are 14,960 and 14,350 while on upside expect strong resistances at 15,580 and 15,900. These will also be target levels for next week. Daily chart indicators patterns are mixed.

For next week, traders above 14,960 follow buy on dips view and accumulate in bank nifty with strict stop loss for target 15,580 and then 15,900. Small traders can play long in next months 15,800 to 16k call options with risk based stop loss.

Bank nifty weekly chart technical analysis

Bank nifty spot in this week closed with gains. This was third gaining week for bank nifty index and in these 3 weeks period bank nifty rallied from lows of 12,773 to highs of 15,362. Total 2600 points or 20% plus rally in very short time. This week bank nifty spot hit high at 15,362 while low as at 14,857. Total 500 points weekly range and closed with gain. From medium to long-term view, bank nifty spot now has support zones at 13,780 and 11450 while on upside expect strong resistances at 16,050 and 18,350. Upside levels also are long-term target zones for bank nifty. Investors above 13,780 keep buy on dips view for bank nifty and revise targets at 16,050 and then 18,350.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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