Falcon Analytics Outlook Bank Nifty for the week ( May 30 – Jun 03 )
Technically on the daily charts we see minor support on the downside for BankNifty index lies at 34164 levels,
whereas minor resistance on the upside is capped around 36263 levels.
If BankNifty index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 33561/32958 and and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards major resistance at higher levels around 36719/37322.
Currently BankNifty index is just trading below 200 day EMA @ 35885 suggests long term trend is Bearish.
Falcon Analytics predicts range for the week is seen from 34164 on downside and 36719 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 37322
RESISTANCE 3: 36719
RESISTANCE 2: 36116
RESISTANCE 1: 35743
WEEKLY PIVOT LEVELS: 35140
SUPPORT 1: 34537
SUPPORT 2: 34164
SUPPORT 3: 33561
SUPPORT 4: 32958
All above views for education purpose only.
Regards,
MD .
Technically on the daily charts we see minor support on the downside for BankNifty index lies at 34164 levels,
whereas minor resistance on the upside is capped around 36263 levels.
If BankNifty index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 33561/32958 and and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards major resistance at higher levels around 36719/37322.
Currently BankNifty index is just trading below 200 day EMA @ 35885 suggests long term trend is Bearish.
Falcon Analytics predicts range for the week is seen from 34164 on downside and 36719 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 37322
RESISTANCE 3: 36719
RESISTANCE 2: 36116
RESISTANCE 1: 35743
WEEKLY PIVOT LEVELS: 35140
SUPPORT 1: 34537
SUPPORT 2: 34164
SUPPORT 3: 33561
SUPPORT 4: 32958
All above views for education purpose only.
Regards,
MD .
