Technical Recommendation on Bank Nifty

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Jyoti

90 Points Joined February 2010

Bank nifty future could make the crucial trend line breakout below the support level of 9265. Closing below may drag it down for some time. Technical indicators like macd is also looking to cross the signal line to downside. Oscillator also witnessing that the trend might be reverse from here. We recommend that traders could go for short in bank nifty future below the level of 9265 for the target of 9155 & if it sustains the lower levels the further target could be 9010 in it. The traders should keep the stop loss around the level of 9320 in it.

source:

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Replies (2)

Jyoti

90 Points Joined February 2010

For Next Week

Bank nifty future made the downside breakout below 9500 & now trading close to the support level of 9200. Due to weak global cues there is overall weakness in the market. in this week we might see huge correction in bank nifty future below 9200. We recommend short position in bank nifty future below 9200 for the target of 9050.

Jyoti

90 Points Joined February 2010

Nifty made the strong come back from the levels of 4975 to 5000 and today in the end made the closing above 5200 levels. Now we could expect some more upside moves in nifty future from the current levels. The next resistance it could face around the resistance zone of 5290 to 5300. Closing above may raise it till the higher levels of 5350 in short term. We recommend that traders should focus on longs in nifty future from the current levels for the target of 5300.