How to trade Banknifty for week starting 30/05/2016

We posted in our last weekly update on Banknifty on 16/05/2016 that 

for bullishness Banknifty needs to trade above this blue resistance line which for next week lies at 16652 as can be seen from the above chart.

 And also

1) Play long with 16652 as SAR with 50 points filter.
2) Banknifty in consolidation move for the last 1 month, decisive move ahead.

Now see what happened in the below daily chart of banknifty:

Banknifty Daily Chart

This is a clear breakout of Banknifty trading well above the falling broadening wedge pattern (blue lines). Now let's analyze Banknifty for the coming week.

 Bullish Possibility:

As can be seen from the above chart till Banknifty is  trading above the upper blue line bulls are safe. The first support zone is at 17442-17302, next 16997 and final support zone is at 16343-16197.
Targets are as marked on the chart, 1) 18036 2) 19041 and 3) 20553

Bearish Possibility: 

Bearish possibilities are currently muted now as long as we trade above the upper blue line of the falling broadening wedge pattern (blue lines). But in case if we then the immediate target would be 16343 and 16196.

Summary:

1) Banknifty is bullish above the upper blue line of the falling broadening wedge pattern.
2) The first support zone is at 17442-17302, next 16997 and final support zone is at 16343-16197.
3) Targets are as marked on the chart, 1) 18036 2) 19041 and 3) 20553

 Final Words:  

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Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!