BANK NIFTY WEEKLY-watch for bullish breakout above 24440

BANKNIFTY TIPS for 28 Aug. to 1 Sep. week 2017

Banknifty future this week closed at 24330 with gain. This was first weekly gain for banknifty future after last 3 weeks correction and consolidation suggesting reversal move. Banknifty future this week given high near 24400 while low was near 23882. Almost 500 point’s recovery from the lows and closing near week high with bullish outlook.

Banknifty weekly chart shows prices are back above 5 weeks average of 24250 and look like resumed long term uptrend. On downside 23350 is banknifty 20 weeks average support and below that 21630 is 50 weeks average level. Weekly chart RSI is at 68 and flattened out while MACD is at 976 and with sell signal on weekly charts.

This week we saw banknifty future made fresh low of 23882 while my downside bearish target was around 23750 and taken givens strong reversal on fresh value buying as well as short covering. Now prices are heading for 24440 resistance zone for trend breakout. Above 24440, expect strong long term Bull Run continuation and upside targets of 25750 and then 26450 possibly.

 

If banknifty future fails to cross 24440 then, Banknifty future trend and outlook below 24440 will remain bearish and strategy remain sell on rise. On downside 23750 and then 22500 are bearish trend target zones as well as major support levels on daily chart.

On daily chart setup, banknifty future had taken support of 50 days average level of 24025. Now hovering around 5 and 20 days average of 24350. Daily chart RSI is 50 with fresh bullish move signal and buy signal while MACD is at 3 with early bottomed out patterns.

Banknifty option traders keep buy on dips view in banknifty 24000 call options of this expiry or banknifty 24500 call options of next expiry with stop loss for big gains in next week. We already saw huge rally in banknifty 24000 call options from low of 182 rupee to almost high of 443 rupee.

Banknifty future from investment view hit 2017 target of 21400 and 24600 now came down below 24500 and heading lower. Before that we saw fresh high of 25260. If sustain below 24600 on weekly closing basis then expect medium to long term correction towards 21400 zone.  But on reversal expect long term bull resumption and On upside My banknifty future super bullish 2017 targets were at 28500 and then 31800. And this week’s move suggesting, retracement is done and banknifty future might be ready for long term super bullish run.

In last 7 months, only 2 months were negative while other 5 months, we saw strong and big gains for this major banking index which are supporting its long term Bull Run.

You May Like This :

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.

COPYRIGHT © 2017. Pramod Baviskar. Dalal street winners advisory and coaching services. FAQ | Disclaimer | Privacy Policy

This website is best viewed using Microsoft Internet Explorer 9 or higher, and/or latest version of Google Chrome and Mozila Firefox browsers.