padiyara

BANKNIFTY:20495. Above 20536 cango 20680 _ 20712 support: 20423

NSE:BANKNIFTY   NIFTY BANK
4
BANK NIFTY: 20495.
Above 20536 can go 20680 _ 20712 support: 20423
Below 20423 a bearish sentiment will be dominant.


Trading above 20580 will make it 20865 for the week,
and for the month, if successfully trading above 20795 can leads to 21890
Trend Line support marked 20423 now must be the Stop loss for long.

A bearish weekly closing, traded below the trend line support,13 EMA break and the daily MACD is having a negative cross over, etc are concern, but MACD is much above the zero line, a trading above moving average 34 EMA is still bullish .
Comment: BankNifty : 20627
Below 20590 may see 20 470
Above 20660 it can go to 20720
support:20423
Below 20423 a bearish sentiment will be dominant.

Comment: Bank Nifty : 20676 (chances to expire near 2540)
Below 20645 may see 20540 _20470
Above 20660 it can go to 20720_2070
support: 20423
Below 20423 a bearish sentiment will be dominant.
The said resistance 20720 yesterday touched at 20715
And the level 20536 also acted well as a support.
The broader market is waiting for an event or news
and may go side way for some time.
There is a descending triangle formation is hourly chart marked in blue square, descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns, regardless of where they form, descending triangles are bearish patterns that indicate distribution.
Comment: For FRIDAY 10 MARCH 2017
Bank Nifty :20720
Above 20750 it can go to 20810_20865 & 20930
Below 20690 may see 20640 _20580
support: 20423 Below 20423 a bearish sentiment will be dominant.
Comment: It was told on Last weekend message that:

"Above 20536 can go 20680 _ 20712 support: 20423
Below 20423 a bearish sentiment will be dominant.
Trading above 20580 will make it 20865 for the week,
and for the month, if successfully trading above 20795 can leads to 21890
Trend Line support marked 20423 now must be the Stop loss for long."

Notice that BN range was 20532 to 20780 , so expect higher level only on successfully trading above 20795 as monthly level suggests.