Sunday, March 31, 2019

Nifty & Bank Nifty view for the week 1st Apr 2019…

Nifty & Bank Nifty view for the next week...

As we seen from last 2 week’s “Nifty & Bank Nifty” are continuously trading in uptrend due to some Indian political activities. May be this rally will continue in this week also or some profit booking will happening in market. Let see technical view of “Nifty & Bank Nifty.”

Nifty Daily Chart : In the last week Nifty given breakout & sustained above weekly trend line resistance. And this resistance became strong support for Nifty. On Friday Nifty closed above small resistance of 11600 & made Dragonfly Doji on daily time frame. My view is that Nifty may continue this rally in this week also and it will show 11760 i.e. next resistance as well as life time high of Nifty. Riskers can buy here with stop-loss of Friday’s low i.e. 11570 or buy on dips till 11500-11550.  

In last week all private as well as public sectors bank leads to Indian market & shown new life time high in Bank Nifty. Now Bank Nifty is in strong up trend, there is no hurdle on chart.

Bank Nifty Daily Chart : Bank Nifty given breakout to weekly trend line & closed above resistance, also made new life time high. After some profit booking in all banks Bank Nifty made “Morning Star” on daily chart near weekly trend line support & given bounce back and made again new life time high i.e. 30500. On Friday made red hammer on day chart. So my view on Bank Nifty is that riskers can buy here with stop-loss of Friday’s low i.e. 30235 or buy dips till 30000 (previous support).

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