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 .
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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.
I agree, in my opinion also Banknifty spot should hold 18230-18220.