BANKNIFTY LONG

16 ก.ค.

BankNifty is trading in a consolidation of an ascending triangle with a strong resistance at 52750-52800. Market is being cautious before the budget and quarterly results of major private sector banks.

BNF is sustaining at 52400-52450. A strong closing above 52500 will help to test the next resistance. A breakout above 52800 with a day closing will extend this rally to 53300 and lifetime high to touch 52500.

16 ก.ค.

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Closed at 52396.8 with settlement. 2 days of international markets, quarterly results and budget will play key role in upward movement. Stoploss is only at 52100-52000. No buy on dips.

18 ก.ค.

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As expected BNF broke the triangle took a support at 52160 (our support range was 52100-52000) and tested the resistance at 52800 making a day high at 52782.

Crucial to close above 52600. Tomorrow opening above 52800 and holding the gains for one hour will give us more upside.

22 ก.ค.

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Still holding the base levels of 52100-52000.
Tomorrow's budget will be the decider. HDFC bank has put good numbers to hold Bank Nifty at these levels.