Market Weekly Diaries May 7-12 2018

Bank Nifty closed at 25645, Markets were UP for the last week

How to position to trade for the coming weeks

Bank Nifty Support – 25580,25440,25350,25280,25210, & 25130

Resistance – 25660,25750, 25850,25950, 26080 & 26180

ICICI Bank & SBI Results will be out in the coming weeks

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Bulls have to be a bit cautious for next 7 trading session on the upside

It could be trap or trend change –time will decide, professional traders, need to have patience and respect the price actions

Bulls-Magic Number for the week – 25820-860 on UPSIDE

Bears- Magic Number for the week – 25420-280 on Downside

 

With Karnataka Elections on the final stage, SBI & ICICI yet to announce the results.Markets will be a bit slippery on both the sides.

25050-25350-25850 is a tough range for bank nifty

Break of these levels and close for 2 weeks on either of the levels, will decide the trend for the markets for the next quarter

Example- 25050 has to be taken out by bears for at least for 2 weeks, if they need to come back to the contest

Bulls have to be taken out i. e 25850 for at least for 2 weeks if they need to show their strength going forward

Trade with less quantity on the upside

Trade from savings money

All the Best

Sagar U.S

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