BANK NIFTY WEEKLY PREDICTION FOR 4th July to 8th July 2016

Bank Nifty completed Hanging Man pattern on monthly chart previous month , Hanging Man is bearish single reversal candelistick pattern in uptrend which requires confirmation on next candle. The long lower shadow of Hanging man is generally is bullish signal and buyers are more aggressive. Hanging man formation does not mean that bulls have lost control ,So confirmation of trend reversal is required and it can be identified when next candle closes below the real body of Hanging man or another trend reversal patterns like engulfing pattern or piercing pattern. Bank nifty has gap down on daily chart with range 18118-18219 so above closing will be good for bulls in next week and below this gap down again correction can be seen so trade in this given range:

BANK NIFTY SPOT CLOSED @ 17985

5DMA@17811
20DMA@17643
50DMA@17209

WEEKLY RANGE IN NEXT WEEK FOR BANK NIFTY

SUPPORT 17857,17713,17412,16886

RESISTANCES 17993,18200,18889