BANKNIFTY WEEKLY UPDATE
SUMMARY:
-monthly chart on banknifty is not giving good signal
-global market scenario is not good for markets
-upside on banknifty is capped
-dollar index has made a double bottom breakout on monthly chart
-index broke above 104 and giving targets of 118-120 which is showing dot.com crash levels
-if dollar index and usd/inr is rising along with oil and yield prices
-i am holding my view from last month we are expecting levels of 31000-30500
BULLISH VIEW
-good quaterly update are coming in banking stocks
-so we can expect one bounce again in banknifty
-if today it fails to provide any relief then we are going down sooner or later
-if banknifty sustains above 34200 i will keep a stop below 33800
-i will sit for a target of 700-1000 points
-for bulls it is a good thing to wait and watch there will be clear trade above 34200
-oi data also suggesting the same
-monthly chart on banknifty is not giving good signal
-global market scenario is not good for markets
-upside on banknifty is capped
-dollar index has made a double bottom breakout on monthly chart
-index broke above 104 and giving targets of 118-120 which is showing dot.com crash levels
-if dollar index and usd/inr is rising along with oil and yield prices
-i am holding my view from last month we are expecting levels of 31000-30500
BULLISH VIEW
-good quaterly update are coming in banking stocks
-so we can expect one bounce again in banknifty
-if today it fails to provide any relief then we are going down sooner or later
-if banknifty sustains above 34200 i will keep a stop below 33800
-i will sit for a target of 700-1000 points
-for bulls it is a good thing to wait and watch there will be clear trade above 34200
-oi data also suggesting the same
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