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.