Bank NIFTY-Weekly Outlook-Venkat's Blog

Mar 9

The Bank Nifty moved in range of 970 points Viz. between 47191 & 48161. The Bank Nifty posted a bullish candle with higher lows and higher highs. The Bank Nifty has been underperforming compared to the main Index. The Bank Nifty is moving in an ascending channel with lower support at 44275 and resistance at 49875 with a pivot at 47075. Within the channel there exists a minor trend which is a descending channel which the Bank Nifty successfully broke. The channel top will at 47300 will act as support for attempt of higher levels. Daily close above 47500-600 zone would help the Index re-test previous highs and also a chance for a new ATH. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. The expected range for Bank Nifty is 46600-48600. A daily close outside the broader range indicated above would trigger a sharp move and 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.