Out of the last eight trading sessions, yesterday for the second time only did Nifty manage to break its high nor low.
And Harami formed in Nifty End of Day (EOD) chart. Therefore, according to the Harami pattern, 5696 and 5636 look like they are breakout levels for Nifty.
The level of 5681 is important for bulls, only above this level, Nifty will gather strength.
Support levels for Nifty will be – 5645 / 5625 / 5593
Meanwhile Resistance levels are – 5681 / 5700 / 5732
Based on this we will place the Nifty weekly levels at 5604 / 5551 on the down-side. Where as on the up-side, it should reach out to 5727 / 5780.
Bank Nifty (Refer Chart- Bank Nifty)
Bank Nifty once again managed to close in positive. The high and low achieved yesterday will be immediate support and resistance for bank nifty. Keep 11300 as stop loss for your positional long.
Buy above 11436
Stop loss at 11400
Target for 11480
Supports for Bank Nifty are – 11400 / 11380 / 11350
resistance levels are – 11480 / 11520
So, Bank Nifty weekly levels will be as following
Down side – 11310 / 11235 / 11100
Upper side – 11470 / 11550 / 11674
Buy Rs 138.50
Stop loss at Rs 137
Target price of Rs 141 / 142.60
Buy above Rs 2,532 levels
Stop loss at Rs 2,515
Target price of Rs 2,560 / 2,576
Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.goodreturns.in
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