Falcon Analytics Outlook Bank Nifty for the week (May 23 – May27)
Technically on the daily charts we see major support on the downside for BankNifty index lies at 32955 levels,
whereas major resistance on the upside is capped around 35000 levels.
If BankNifty index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 32323/31691 and and if breaches major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 35631/36263.
Currently BankNifty index is just trading above 200 day EMA @ 35947 suggests long term trend is Bearish.
Falcon Analytics predicts range for the week is seen from 32323 on downside and 35631 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 36263
RESISTANCE 3: 35631
RESISTANCE 2: 34999
RESISTANCE 1: 34609
WEEKLY PIVOT LEVELS: 33977
SUPPORT 1: 33345
SUPPORT 2: 32955
SUPPORT 3: 32323
SUPPORT 4: 31691
All above views for education purpose only.
Regards,
MD .
Technically on the daily charts we see major support on the downside for BankNifty index lies at 32955 levels,
whereas major resistance on the upside is capped around 35000 levels.
If BankNifty index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 32323/31691 and and if breaches major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 35631/36263.
Currently BankNifty index is just trading above 200 day EMA @ 35947 suggests long term trend is Bearish.
Falcon Analytics predicts range for the week is seen from 32323 on downside and 35631 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 36263
RESISTANCE 3: 35631
RESISTANCE 2: 34999
RESISTANCE 1: 34609
WEEKLY PIVOT LEVELS: 33977
SUPPORT 1: 33345
SUPPORT 2: 32955
SUPPORT 3: 32323
SUPPORT 4: 31691
All above views for education purpose only.
Regards,
MD .
