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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. :)
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