Bank Nifty - This Week

Market outlook for next week - BNF has closed with good bullish candle in daily timeframe . Indicators like RSI and MACD is showing great strength and shows the rally can continue for some more time. With the festivals ahead in coming weeks, banks posting good results and Biden winning election is a positive sign for index and BNF. Covid fear is still hanging in europe but that may not subside nifty and BNF movements this week. Correction of 1000 points is expected but that does not mean downtrend since the volatility is more. Uptrend is intact until 25000 fort is held tight. As per charts the mid line of the channel is broken with strength and correction if any i am not expecting any big downside. If the rally continues BNF may see 28000. So it is buy on dips. Since the volatility is more and one wants to participate in market they can buy Bankbees , this is much safer than Futures and Options and can hold for some time.


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