The trend is positive in the Bank Nifty index, I am still bullish in the market until it touches ATH.
The trend is a friend unless it bends in the end.
Overview: Bank Nifty was totally in a range as there was FM News in the market which makes a good scenario to trade range breakout. The range was perfect as per the mentioned levels of 35405 to 35240.
Banknifty resistance level: 35405/35575
If tomorrow Bank Nifty opens flat and gives a closing on the 5/15 min candle above 45405 we can go long with a target of 455575 or even higher.
Banknifty Support level: 35240/35076
If bank nifty starts to trade below 35240 levels do not short aggressively but with reduced qtys to take the trade.
Also, RIL has been falling for the last few days so it can halt or profit booking can be seen which might pull the index up.
The view is still for a very good rally in Banknifty in upcoming sessions so we should be ready to ride the bulls.
The market view is bullish so if supports are found we can see a sharp recovery too.