This week focus on quarterly earnings, debate in parliament on Finance Bill 2012
Last week Banknifty lost
-414 points and closed at 9793.90. Banknifty slide down majorly due to
three reasons. 1. GAAR 2. INR Devaluation and 3. BASEL III guide lines
issued by RBI. Due to these reasons, we saw heavy panic base selling in
the all around the market. Specially we saw that bank stocks are heavily
effected. But looking to chart of banknifty we can see that since last
five weeks it was trading flat. Now on closing basis banknifty is having
good support at 9700-9535 and resistance at 9980.
KEEP STRICT SL IN EVERY TRADE NOW FOR NEW POSITIONS AND KEEP SL IN SYSTEM NOT IN YOUR MIND. BEFORE YOU TRADE ON SYSTEM FIRST DECIDE THE SL AND THEN TRADE.
BANKNIFTY CHART ON WEEKLY BASIS
WEEKLY BANKNIFTY SUPPORT 9700-9535 AND RESISTANCE 9980
BANKNIFTY FUT. (9793)
Buy above 10020 Target 10160-10290
Sell below 9680 Target 9538-9410
-Always Remember, put SL in your every trade.
- Weekly Levels are Closing Basis, so follow on closing time.
Rupesh Yatesh Dalal
Head Research Department
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