BANKNIFTY WEEKLY UPDATE

Aug 16, 2022

SUMMARY
-there was a major complication in banknifty index at lower levels
-one time in june based on data we were looking for a breach of 32200-31800
-that time crude hit 130 dollar major rate hikes were in place
-dollar/inr pair starting crossing 77.5 and hit a high of 80.2
-but somehow the banknifty index started absorbing the bad news and started looking forwards
-above 34000 weekly close we turned bullish in banknifty

LOOKING FORWARDS
-usd/inr pair has stablized
-rbi intervention less needed but there for the support of inr
-cpi numbers have come down
-crude price on monday saw a steep fall
-all this provides incentive for the bulls
-max oi pain@39000
-minor hurdle of 39500
-i had shared a target of 39700 in telegram channel 3 weeks ago
-raised it to 41500
-finally icici bank my target of 900 is now active

TECHNICAL LEVELS TO WATCH FOR

RESISTANCE MINOR
39470-39700-39950
SUPPORT
39000-38750-38650

NOTE:
*there can be a knee-jerk reaction to throw weak hands out
*banknifty pcr has place to run higher
*for more updates check the link in the signature box below