I have decided to include Bank Nifty as well in my Weekly analysis from now on. So here goes…
Bank Nifty has taken a cue from Nifty last week and made a nice up move from 10600 odd levels. It has managed to close above a key level of 11735. Next target would be 12225 where I suspect it would face strong resistance. Positional traders can look at partial profit booking at this level. I for one, would be looking at any Bearish reversal patterns that might develop at this level.
If Bank Nifty does manage to cross this hurdle, it can try to march towards it’s all time high of 13414. I suspect the PSU banks have to come to the party big time for that to happen. The up move till now has been primarily based on the strength shown by the Private Banks.
On the downside, 11170 can provide some support. Look for Bullish reversal patterns around this level.
The Daily and Weekly charts are quite bullish for Bank Nifty for this week.
As usual, the market will decide it’s course of action. All we need to do is follow what it does.
Bank Nifty trading levels for this week are as follows
Buy Above 11482 Tgt 1 – 12350, Tgt 2 – 12816, Tgt 3 – 13685
Sell Below 11482 Tgt 1 – 11016, Tgt 2 – 10147, Tgt 3 – 9682
Note: All levels are for Bank Nifty Spot. Kindly adjust the same for Futures.
Very Important – DO NOT TRADE WITHOUT STOP LOSS. Use sound Money Management with your Trading Plan and do not over leverage vis-a-vis your trading equity.
Have a Profitable Trading week ahead!
To your Boring Success!!!