BANK nifty weekly : 17640 spot is major resistance

BANK nifty weekly technical report for 21 to 25 sep 2015

Bank nifty spot this week closed with huge gains. This was second gaining week for this index and short covering rally continues. This week banknifty touched its 3-month average level and given closing just below it. This week banknifty hit high around 15600 and low was around 16525. Total 1100 points sharp rally was seen in this week. In 2 weeks period banknifty rallied by almost 2000 points from bottom.
On upside 17640 spot is strong monthly pivot point resistance and below it trend is down but outlook is bullish as value buying may continue ahead.
For next week, bank nifty spot strong resistance zones are 17640 and 17750. On downside expect support around 17100 and then 16650.
From medium to long term view, banknifty is heading towards target of 18960. 15700 is bottom support and stop loss for investors.
Future traders can buy banknifty future on correction around 16650-16800 zone with stop loss below 16k for target 17640+. While option traders can buy 17000 call options of Oct expiry if banknifty index comes around above given levels with same stop loss for big gains.
For market, strategy must be buy on major decline with stop loss. Volatility will remain high in near term and market will give many more chances of profitable trades.

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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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