Tag Archives: BANKNIFTY MOVEMENT

BankNifty Outlook for Next Week (August 10, 2015 – August 14, 2015)

EquityPandit’s Outlook for BankNifty for week (August 10, 2015 – August 14, 2015):

 

BANKNIFTY:

 

BankNifty

 

Bank Nifty ended the week on positive note gaining around 1%.

As we have been mentioning since last 2 weeks that the index is facing significant resistance around the zone of 19100 to 19200 levels where upper end of downward sloping channel is positioned, this week also the index has hit a high of 19103 levels and retraced back to the levels of 18800 before closing the week around the levels of 18900.

Since last 3 days the index has been consolidating in the range of 18800 on downside to 19100 on upside.

If 18800 on the index is broken the index can drift to the levels of 18650 where short term moving averages are positioned. Around the zone of 18400 – 18500 the index has major support where 100 Daily SMA and 200 Daily SMA are positioned.

Resistance for the index lies in the zone of 19100 above which the index can move to the levels of 19500.

Range for the week is seen from 18300 to 18500 on downside to 19200 to 19500 on upside.

Bank Nifty Outlook for Next Week (August 03, 2015 – August 07, 2015)

EquityPandit’s Outlook for Bank Nifty for week (August 03, 2015 – August 07, 2015):

 

BANK NIFTY:

 

banknifty

Bank Nifty ended the week on absolutely flat note.

As we have suggested last week that the index has formed a Bearish engulfing pattern on weekly charts and index corrected to the levels of 18187 before recovering to end the week on high around the levels of 18700.

This week the index has formed a Hammer pattern in downtrend indicating the trend reversal.

As seen from the charts above if the index manages to close above the levels of 18850 the index can move to the levels of 19200 where upper end of downward sloping channel is positioned.

On 04/08/2015, RBI is announcing the quarterly policy which will decide the direction of the markets going forward.

Technically the support for the index lies in the zone of 18400 to 18600 where short term & long term moving averages are positioned.

Range for the week is seen from 18300 to 18500 on downside to 19200 to 19500 on upside.