BANKNIFTY: 23986 Above 24030 Resistance 24110_24180 & 24240
The entire bull phase from the bottom of 17607 BankNifty' gained 7593 points without even making any major correction. This fall I am expecting a minimum 38.2 % retracement which approx.: 22300. Before that, at 23400 area will have yet another strong support. I n the mean while, expect a short term oversold bounces. The following are the support / resistance levels for the further movements. The monthly volatility levels were to far to expect to reach in a month, so I summarize those levels to the nearest pivot values.
Below 23940 today’s Supports are 23860_ 23787 & 23711
Weekly above 24044 BN Resistance will be
24080_24140_ 24233 & 24390
Weekly below 23930 BN Supports will be 23830_23740_23586 & 23480
Monthly above 24260 BN Resistances will be 24327& 24470
Monthly below 24100 BN Supports 23840 _23730 _ 23610 & 23492
Below 23940 today’s Supports are 23860_ 23787 & 23711
Weekly above 24044 BN Resistance will be
24080_24140_ 24233 & 24390
Weekly below 23930 BN Supports will be 23830_23740_23586 & 23480
Monthly above 24260 BN Resistances will be 24327& 24470
Monthly below 24100 BN Supports 23840 _23730 _ 23610 & 23492