scalp3r240

BANKNIFTY for the week ahead [04/01 - 08/01]

NSE:BANKNIFTY   NIFTY BANK
** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT **

BN faced stiff resistance around 31400 for the past couple of sessions making it a decisive resistance level in the coming week. Nifty already kissed 14k on the last day of 2020, where profit-booking was witnessed. Technicals are indicating a weak bias, suggesting the index could correct a little. Its 1 wk avg lies @ 31076 at the moment, which should be tested immediately. A decisive breach of the same would confirm a further correction with immediate supports being 31000 & 30650. In case of a deep correction, one can expect the index to correct up to its immediate Fibonacci level @ 29082. All other levels in between are mentioned in the chart.

However, in case the Dollar keeps slipping, and breaches 73, the market will most likely shoot up, tracing new highs in the coming week. A breach and sustenance above 31400 should be enough signal for going long on the index.

DISCLAIMER: This is not a channel to provide calls/tips. The objective here is to gauge the sentiments of the underlying. The analyses are purely speculative and the author may or may not have an open position in the underlying. They should be best used in conjunction with the viewers’ own analysis and/or in consultation with one’s financial adviser.