This Week BankNifty- Outlook : 18.11.2019
Join Whatsapp 9841986753
Whatsapp Number : 91-9094047040 / 91-9841986753
The Nifty Bank maintained its northward journey and posted six consecutive weeks of gains. During the week, Nifty Bank extended its ongoing up move and hit an intraweek high of 31205.20. Subsequently, sharp profit booking during the mid-part of the week pulled index lower. However, support base buying interest during the second half of the week reclaimed most of its intra-week gains. In the process, nifty bank ended the week with a gain of 0.84%.
* Looking at the weekly chart, RSI (14) convincingly broke the down ward sloping trend line and entered above 60. Such development indicates acceleration of bullish momentum in the near term.
* During the week, daily RSI (14) signaled positive reversal and target of such pattern comes near 31440. The said pattern will be negated if index closes below 30200.
* The daily higher top higher bottom formation remains intact.
* Going forward, 31450 – 31500 zone likely to act as an immediate resistance as said levels coincide with the weekly as well as monthly pivot resistance hence any move above 31500 will allow index to retest its alltime high of 31783.60 and even the possibility of hitting fresh all-time high can’t be ruled out. Lower side, 30575 – 30000 are near term support on index.
* Looking at the weekly chart, RSI (14) convincingly broke the down ward sloping trend line and entered above 60. Such development indicates acceleration of bullish momentum in the near term.
* During the week, daily RSI (14) signaled positive reversal and target of such pattern comes near 31440. The said pattern will be negated if index closes below 30200.
* The daily higher top higher bottom formation remains intact.
* Going forward, 31450 – 31500 zone likely to act as an immediate resistance as said levels coincide with the weekly as well as monthly pivot resistance hence any move above 31500 will allow index to retest its alltime high of 31783.60 and even the possibility of hitting fresh all-time high can’t be ruled out. Lower side, 30575 – 30000 are near term support on index.