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Buy Bank Nifty Future near 10580, Trading at Support Short term target 10920

By Bhaveek Patel Leave a Comment

Bank Nifty future was seen trading lower today around 10580 level, If we look at spot level it was at 10480. This 10480 is very important support level we are expecting bounce from here and this bounce will target 10920 level which is near term resistance. Short and medium term trend for market is up so we are only focusing on buying at dips strategy, We may see some consolidation in bank nifty future before the next up move starts. On daily chart 10535 level is 50% Fibonacci retracement of high 13303 and low 7766, Bank nifty future taking support there is very much expected. Also 100 periods EMA falls at 10450 so from current level we will see sure shot bounce. Even today this index is moving in 40 points range suggesting some consolidation, on intraday chart you will see from 10:45 am there is just 40 points range. Most of mechanical indicators are showing overbought situation which is normal in case of uptrend. State bank of India has major (strong) support at 2200 level and that will be final bottom for SBIN stock, with this move bank nifty will also make near term bottom and will be ready for up move. Another stock ICICI Bank is also trading near its Fibonacci support, therefore its good to buy bank nifty future at the said level.

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Category: Nifty Tags: Bank Nifty Future/ Strong Support/ Weekly Target

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. deepak patel says

    can you share bank nifty analysis daily, i am interested in nifty call put also. I saw technical analysis course here can you provide it in delhi?

    Reply
    • Bhaveek Patel says

      Sir it is not possible to share bank nifty analysis daily. As we mainly focus on trading ideas based on technical analysis, if it don’t meet our requirement then we just wait and watch. Sir we provide technical analysis course online, if you are interested then do call us at +91-9970777789.

      Reply
  2. Anu anupam says

    Hi Bhaveek,
    Bank Nifty charts look weak on daly charts especially post today’s drubbing.

    Reply
    • Bhaveek Patel says

      Yes, bank nifty looks some weak as of now, but 1000 points upmove that we saw cannot be just based on speculations that RBI will lower rates. Some traders may be speculators but not all. So I believe the up-trend that has build up must continue. However downside is very limited to around 9490 zone, if it corrects.

      See bank nifty chart send to your email.

      Reply

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