Bank Nifty Future
Resistance 15850 16000
Support 15695 15510
Technical Update : Bank nifty closed the week on positive note after making intraday high of 15745 bank nifty closed the week at 15828.30. Now week starting from 25 August 2014, Monday 15695 is the support for bank nifty. If market is unable to sustain below this level and cross 15775 expect a rally for 16000 and higher in coming sessions.
Price: Price is bullish and closed strongly at 15828.30. Bank nifty has been consolidating in 800 point range. Small breakout from range has happened already now but there has not been high volume in same. Now if breakout sustain that will decide future course of bank nifty.
Trend: Short term, Medium term, Primary trend are all up with major support at 15000.
RSI is trading @ 63.7 and still has much room on upside.
Volume: volume has been consolidating with price in horizontal range and coming week if market has to rally ahead for 16800-17000 the volume figure’s must go higher.
Trading Strategy : Fresh longs can be taken above 15750 stops 15695 tgt 15880-16000