BANKNIFTY Analysis

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BANKNIFTY (SPOT) Analysis: 04/06/2018

BANKNIFTY is continuing its upward channel journey and trading above 20 DMA.  BANKNIFTY outperformed NIFTY last two weeks.  BANKNIFTY is likely to be range bound between 26000 and 27200 until Wednesday 6th June.  RBI interest decision on 6th June will influence its direction for short term, any increase in interest rates will have negative impact.  Below are the Support and Resistance levels:

Support: 26350, 25980, 25620 and 25200; Resistance: 27000, 27165 and 27650

Daily Chart:

banknifty-daily-chart-for-wc-04062018

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