Bank Nifty looking bullish in near future in hourly timeframe, also closed above the resistance 38816, yesterdays low (on budget day) despite of the volatility it took support at 0.38 Fibonacci level drawn from recent swing low.
Post Budget 2022 HDFC Bank the majority weightage stock of Bank Nifty has rallied more than 2% and other Private Banks like ICICI and Kotak which also have more weightage in BNF have posted good results prior to the budget, and the India VIX also dropped till 18.6 which is a good sign for stability in the markets, so after looking at all these parameters BNF looks to be bullish in near future.
Post Budget 2022 HDFC Bank the majority weightage stock of Bank Nifty has rallied more than 2% and other Private Banks like ICICI and Kotak which also have more weightage in BNF have posted good results prior to the budget, and the India VIX also dropped till 18.6 which is a good sign for stability in the markets, so after looking at all these parameters BNF looks to be bullish in near future.