The Bank Nifty is posted a new ATH from where it got sold off. The Bank Nifty moved in range of 633 points Viz. between 49057 & 48424. The Bank Nifty posted a bearish candle with higher lows and higher highs. The big picture shows that it is moving in an ascending channel with lower support at 44600 and resistance at 50200 with a pivot at 47600. The current move appears to be following a trend resistance at 49300 and support at 47900 followed by 46850. .The Bank Nifty appeared to be catching up the lost opportunities. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 46K. The resistance comes in at 49170-350 range and the support at 46750. Unless the Bank Nifty crosses 49200 on a daily closing basis we can expect the target for the current gravestone Doji type candle is 46750. The expected range for Bank Nifty is 47500-49150.and a daily close outside the range 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.