Last week I have shown a triangle breakout pattern on bank nifty chart. The index has jumped 204 points last week and made high at 12480. Bank nifty has played important roll to take market up but it is near its strong resistance level. 50% retracement level is at 12484 and next retracement level is at 61.8% which is at 12804. Any break above 12484 bank rally will continue to 61.8% level otherwise index may drag downward.
I am going to show you three big Bank chart to understand this confirm this views.
First just see the sbin chart below. There are cluster of resistance on SBI chart. Immediate resistance at 2340. The stock has made high at 2339.60 and slipped from there in intraday.
Now lets see the chart of Icici bank chart. A long term rising trend line resistance is coming on ICICI bank chart which is at 1145. The stock has made high at 1144.45 and closed at 1131.70. The stock is its near 78.6% retracement level. Any break above this level stock may rise to 1190-95, otherwise stock may touch lower rising trend line.
Now lets consider AXIS BANK chart. There is coming resistance at 1367 on Axis bank chart which is previous weekly high. ICICI bank has tasted its 78.6% level so I hope that bullish sentiment will take the price upto 78.6% retarcement level which is at 1432. Therefore we may come to conclusion that all the above chart is at its near resistance level. Watch this level carefully any break of the resistance chart may touch the above projected level. I hope that all Negative sentiments has finished from gov side. Rbi policy is on next week and all these stocks may rise higher side.
GOOD LUCK.
