The upper and lower trend lines on the 30 min chart are narrowing for BankNifty.
Last week we saw that the range was very tight for the market and it proved to be a good consolidation period for the market, after the post-COVID volatility. The price right now is at the lower end of the trend, and may see a move towards 23,000 again. This has proved to be a very strong resistance and the prices reversed sharply from those levels. If the retest fails, and the price moves lower, we may see 22,150-22,250 towards the end of the week.
If 23,000 is broken, the price may move toward the upper trend line and approach levels of 23,400-23,500.
Financials have been very weak and the stocks have under-performed in the past couple of weeks. With only a few stocks like the HDFC twins making significant gains.
IMPORTANT LEVELS:
Support: 22,30
Resistance: 22,750.
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Last week we saw that the range was very tight for the market and it proved to be a good consolidation period for the market, after the post-COVID volatility. The price right now is at the lower end of the trend, and may see a move towards 23,000 again. This has proved to be a very strong resistance and the prices reversed sharply from those levels. If the retest fails, and the price moves lower, we may see 22,150-22,250 towards the end of the week.
If 23,000 is broken, the price may move toward the upper trend line and approach levels of 23,400-23,500.
Financials have been very weak and the stocks have under-performed in the past couple of weeks. With only a few stocks like the HDFC twins making significant gains.
IMPORTANT LEVELS:
Support: 22,30
Resistance: 22,750.
Like and Follow if you found this analysis helpful. :)