BharatJhunjhunwala

A minor resistance at 31720 above which the index can rally to

NSE:BANKNIFTY   NIFTY BANK
The banknifty bounced from an very strong pivot after budget session. The buyers in the index announced their return with a bang, the weekly charts have formed bullish engulfing candle on support. While on daily charts the prices are close to a minor resistance at 31720 above which the index can rally to 33170 – 34700. However a move below 30770 may lead banknifty to correct to 30230 levels. The RSI is into bullish sideways zone while MACD below zero also signifies the same.
Bharat Jhunjhunwala
MFTA,CMT,CFTe,MSTA
http://www.prorsi.com

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