Last week was a roller coaster in markets after some time!
Don’t want to boost our analysis week after week! Do read our previous articles to understand more about BNF (BankNifty) & our Analysis
Markets are in Catch 22 situation, BNF has closed at 25875.
9 days left for the expiry in May month.
With Politics out of the equation, Insolvency and Bankruptcy Code first success, Crude at high, Rupee Depreciation, Good monsoon expectation, Fair GST Collection last month, IIP bit drag, Food Inflation and Wholesale Inflation on north side movement.
May 22nd SBI Results- Watch Out!
GDP data and Interest Rate Decision awaited! for June 7th Expiry Week
Markets after budget taken southward movements(downside) have rebounded and have made high on may 15th.
BNF Made a low of 23606-23670 -23rd March
BNF made a high of 26972-26474 -15th May
Midcap and Small Cap Index have been falling since January.
Now Coming to BankNifty for the week ahead
BNF Support is – 25600, 25460 & 25140
BNF Resistance is -26090,26280,26450 & 26620
Magic Number for Bulls – 26120 -Close above for 2-3 days will lead to 26470
The magic number for Bears- 25500 -Close below for 2-3 days will lead to 25250
Bulls have to take out 26120 for any comeback in May Month Series
Bears have to take out 25500 for further strength in May Month Series
Trade less with Savings Money
All the best