BANK NIFTY WEEKLY CHART ANALYSIS

Bank nifty has broken the support trendline and is trading below it from last couple of weeks. During the week Bank nifty has closed below the 100 EMA (Exponential moving average) 0f 53,760.86 on weekly charts. The previous swing low of 53,561.75 is might act as a support in the next week. A break out below this levels. Bank Nifty might test the levels of 48000 in coming weeks. As of now Bank Nifty is trading below all its short term EMA of 20.50, & 100 and above it's 200 week EMA. MACD histogram below zero also showing more weakness can be expected in coming days.