bank nifty weekly forecast for 4 to 8 july 2016

bank nifty weekly forecast for 4 to 8 july 2016 Banknifty future on Friday closed at 18035. After last week’s sharp correction on bad news from Europe, banknifty recovered losses and in at end closed with hefty gains on sharp short covering as well as buying.   Both Sensex and Bank Nifty are at 2016 high. The Sensex is at 27,231.03, up 0.8 percent or 231.31 points while Nifty is at 8352, up 64.60 points or 0.7 percent. Non-performing assets (NPA) in Gujarat rose to 5.92% at Rs 25,000 crore in 2015-16 as against 3.45% at Rs 13,353 crore in the previous year.   Banknifty daily chart, showing strong bullish trend like nifty and indicators are approaching overbought areas. 17835 and 17840 are major averages support zones on daily chart. On upside banknifty future will ahve 18400 and 18700 as resistances as well as target zones.   State Bank of India has inked agreements with the World Bank for a $625 million (around Rs 4,200 crore) facility to support grid connected rooftop solar. SBI raises Rs 911 crore by selling stake in NSE.   Banknifty weekly chart, showing 800 points moves from lows. We broke out above 17777 and 18000 levels and closed above it on weekly basis with strong price action as well as volume so expect party to continue in upcoming weeks. Weekly chart price trend channel suggesting target zones around 18200 and then 18610. So watch for sharp unwinding of shorts in banknifty 18200 as well as 18600 call options in month of July.

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