The Bank Nifty moved in range of 1503 points Viz. between 45782 & 44279. The Bank Nifty is back with big moves. The weekly chart shows a bearish candle and it made higher lows and lower highs and bounced from the lower end of the channel. Normally there would be breather after such strong moves in the following couple of weeks. The Index is trading in an ascending channel with a pivot at 45660 and the top at 46860 and lower support at 44460. As expected there was a sell-off when the Index breached 45200. A daily close above 45200 required for re-test of 45700. Expected range for Bank Nifty is 44460-45660. A daily close outside the broader range indicated above would require re-evaluation.
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.