The Bank Nifty moved in range of 1072 points Viz. between 45238 & 46310. The Bank Nifty is back with big moves. The weekly chart shows a bearish candle and it made higher lows and lower highs. 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 45800 and the top at 46800 and lower support at 44800. A daily close below 45200 could lead to Index test 44800 and further correction if there happens a breach of 44800. For now, 46300 is one major hurdle for scaling a new high. Expected range for Bank Nifty is 44800-46200. 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.