BANK NIFTY INDEX chart techncial analysis index tips - Index had made a bullish breakout , and is now on bull run, will now find next strong resistance around 16600. (Updated on 11th September 2014, Thursday).

BANK NIFTY

• As per previous report published on BANK NIFTY , Index is on bull move after breaking its resistance @ 15750. And so far index made an high around 16200. (Click here to see previous report published on BANK NIFTY INDEX).
• Now as per current technical charts no1, Index is on bull run after breaking its head and shoulder formation, so far Bank Nifty looks bullish as long as it holds above its previous resistance trend line.
• Also see - BANK OF BARODA has formed  head and shoulder pattern, will favor bulls once closes above its golden ratio.
• As per graph no2, BANK NIFTY is moving up from strong trend line support, from last 3 times Index moved up from its trend line, as long as holds above bulls will be favored .. but once it closes below then index will show first sign of weakness.
• Suggested Reading - National saving certificate of India.
• On upper side Index will find resistance around 16600 161.8% fibonacci retracement.
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