Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 1543 points Viz. between 47853 & 46310. The Bank Nifty posted a bearish candle with lower lows and lower highs. The Bank Nifty has been underperforming compared to the main Index. The big picture shows that it is moving in an ascending channel with lower support at 44275 and resistance at 49875 with a pivot at 47075. Within the channel there exists a minor a descending channel as well as an ascending channel. The Bank Nifty is truly at cross roads and makes it difficult to decipher which minor trend it actually follows. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. The expected range for Bank Nifty is 45800-47300. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target.


Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.