Bank Nifty Weekly Analysis 5 March to 8 th March 2018

Bank Nifty 24902 weekly close on March 1st, 2018

Next support to watch for next few weeks 24820-24660-24330-23820

Resistance levels to watch- 25050- 25195-25350 -25600-25730-26150

It’s been a 5th consecutive week the BNF has closed in RED, Bears have enjoyed the party in weekly expiries

The million dollar question still how long this party extends?

One thing, to remember this party expiry date is on 29th March 2018

One can rest assured; we shall come to know in few days

 

Bulls will get ready for the party only above 25350 closes for at least 2-3 days consecutively

We can witness, here and there pullback fight by BULLS, but be very cautious how they will take day by day and time-wise correction

 

Coming to bears, they are in firm control, they will dance furthermore if they are below 25820 that could lead to shard correction till 24500, from there on, it won’t be one-sided movement, it will be drastically few upside points and more downside points

 

Currently, we are in a downtrend for short term; however, we are an uptrend, on long-term

 

The long-term trend has not broken yet

 

Banking stocks which have major weight ages are trading at very important support, break of that will lead BNF till 24250, that won’t happen in few days, till will take time for weeks to come.

Provided BNF breaks out 24820 and closes below that for one weekly expiry

ALL the BEST

 

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