The Bank Nifty moved in range of 625 points Viz. between 43283 & 43908. The Bank Nifty posted an second bullish candle. The index unusually moved in a smaller range. The Index is moving in a descending channel with lower end at 41700 and the top of the channel at 44100. Presently the Index is at a crucial one. Technically the Index should break the descending channel at the top end, which is very close. Once 44100 is crossed we can see a swift move towards 44700(the Oct high). The oscillators are turning positive. Expected range for Bank Nifty is 43300-44600. If the support at 43300 gives way, we may see another steady decline towards 42700. 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.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.