04-07-2022 we can see a breakout in bank nifty in 1 hour Chart frame. 33790 Zone was a strong resistance previously, today that level is broken with a good candle, which gives clear idea how bulls took control last 1 hour.
If it breaks 33980-34000 range then we can see a bull run in coming days and there is gap at 33350 range, should fill that first, for further upside movement.
If it is coming for retest then previous resistance zone 33790 must act as a support, if it a genuine breakout.
For downside we can see a see a solid trend line support. For breakdown, Watch out for this trend line (support Green Color).
For this rally main reason is ICICI BANK, looks its 1hour chat for more datils. Now, HDFC BANK and Kotak bank should support for bank nifty rally. In that HDFC BANK is still in side zone and yet to perform.
Probable targets , Support are given in the chart.
This is not a recommendation, do your own analysis before taking any trade, Give your opinion in the comment section. Happy Trading :)
If it breaks 33980-34000 range then we can see a bull run in coming days and there is gap at 33350 range, should fill that first, for further upside movement.
If it is coming for retest then previous resistance zone 33790 must act as a support, if it a genuine breakout.
For downside we can see a see a solid trend line support. For breakdown, Watch out for this trend line (support Green Color).
For this rally main reason is ICICI BANK, looks its 1hour chat for more datils. Now, HDFC BANK and Kotak bank should support for bank nifty rally. In that HDFC BANK is still in side zone and yet to perform.
Probable targets , Support are given in the chart.
This is not a recommendation, do your own analysis before taking any trade, Give your opinion in the comment section. Happy Trading :)
Comment:
As per the analysis, Bank nifty performed. breakout- retest- and not only achieved its target and also gave bonus points by this we can conclude, how bulls controlled bank nifty in these days.