Wednesday, 18 November 2015

TECHNICAL ANALYSIS FOR BANK NIFTY DAILY CHART

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DAILY CHAT FOR BANKNIFTY:
DAILY& WEEKLY SUPPORT AND RESISTANCE FOR BANKNIFTY:
BANKNIFTY levels generated based on 2015-11-17 data for the next trading day.
Daily
R3
R2
R1
BULL
LOC
BEAR
S1
S2
S3
Level
17850
17600
17250
17231
17179
17127
16600
16300
16000
BANKNIFTY Weekly levels generated for the week starting from 2015-11-16
Weekly
R3
R2
R1
REV
BULL
LOC
BEAR
REV
S1
S2
S3
Levels
17922
17600
17401
17156
17081
17018
16957
16881
16635
16436
16237
BANKNIFTY FUTURE:
The  Sensex opened at 25,838, touched an intra-day high of 25,890 and low of 25,457. It finally ended with a loss of 382 points at 25,483.The Nifty opened at 7,823 hitting a high of 7,843 and low of 7,725, before ending with a loss of 106  points at 7,732. The bank nifty opened at 17150 made high of 17235 and made low of 16787. the Sensex and Nifty came crashing down on Wednesday as investors chose to offload shares. Bank nifty future cross the support of 17320 and  took support in the 16800 region on declines and closed the day with modest losses.
16700-16600 is the immediate support. 17040 is the important resistance. but the 16700 region may now be considered a key support on declines and a breach of this level is likely to take it bring in fresh panic supplies. As long as 16690 holds on declines, we may consider that a short term bottom has been formed and a breach of this region will lead to fresh offloading. On the higher side, 17197, 17260 and 17320 are hurdles that need to be taken out for placing it on path to recovery and fresh demand is likely above the 17360 level.


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