Mohit Jhanji Trading in Stock Market Since 2006. Iam working as a Technical Analyst in Wealth Creator. Wealthcreator.co is a research firm. We have Been Serving The Traders Of Indian Stock Market, Commodity Market From Past Seven Years With Tailored Products To Meet The Needs Of The Individual Retail Trader, Brokers,Corporate & High Net Worth Individuals & NRI’s.

Bank Nifty Weekly Observation 20 Apr 2015

44 sec read

banknifty

Cut losses quickly when wrong and keep losses small, Avoid big losses.

Bank nifty future Hurdle 18850
Resistance 19150 19300
Support 18290 17800

Trend : Short term – Down, Medium Term – Down , Major – Up

Strong support area 17500-17300
Bank nifty future faced major resistance around area of 18900-19000 (marked in blue) , It tried to break out of the range once on Wednesday trading session but again retraced back facing resistance at the trend line and closed negative at 18769.4 after making the intraday low of 18650.

Bank nifty future closed the week at 18408.35. This is the consecutive fifth negative close for bank nifty in daily charts & first weekly negative close for the month of April. The current weekly bar is an outside bearish reversal bar .
[wp_ad_camp_5]

 
Going ahead for week starting 20-April-2015 the strong key levels for bank nifty are 18300-18290 for a bounce back these levels must hold. Once bank nifty future break these levels with volume or close below this level expect another round of sell off which shall take bank nifty future towards 17800 & 17500 levels.

RSI (14) is trading at 43.14, Intraday resistance for monday @ 18635

Note: We at wealthcreator trade nifty future & bank nifty positional, short-term on our given recommendations. leading upfront with our own funds.

Mohit Jhanji Trading in Stock Market Since 2006. Iam working as a Technical Analyst in Wealth Creator. Wealthcreator.co is a research firm. We have Been Serving The Traders Of Indian Stock Market, Commodity Market From Past Seven Years With Tailored Products To Meet The Needs Of The Individual Retail Trader, Brokers,Corporate & High Net Worth Individuals & NRI’s.

Things you need to know before trading OTM Options

There is a saying that OTM options are for gamblers especially those who are blindly betting on cheaper options. And this post explores how...
Rajandran R
2 min read

Nifty Overheated and Will Nifty Pullback?

Nifty is racing towards an all-time high and in the current swing most of the price action happens in the form of gap up...
Rajandran R
30 sec read

Bank Nifty Futures – Market Profile Charts and Overheated…

Bank Nifty Futures - Market Profile Charts and Overheated Emotions - September Series
Rajandran R
18 sec read

One Reply to “Bank Nifty Weekly Observation 20 Apr 2015”

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More