Bank Nifty Weekly Analysis for 09-01-23 to 13-01-23.
Bank Nifty Weekly Analysis for 09-01-23 to 13-01-23.
BankNifty came below the channel and given a close inside the channel in the last trading session.
On Monday If BankNifty bounces back from the current level, Targets on upside are 42737/42914.
43000 is the major Resistance for this week and if Index sustains above the Resistance, 1st Target is 43500.
41500 is a important Support for this week and if index trades below support, 1st Target is 41024.
As per Daily/Hourly Timeframe, BankNifty is in Downtrend. If Index Tests the Resistance and come down
breaking the channel and support, Downtrend Continues. If Index Sustains above 43500(Resistance), Trend Reverses.
Sideways market between 41500 and 43000 and we may see a big move once the index breaks on either side.
BankNifty came below the channel and given a close inside the channel in the last trading session.
On Monday If BankNifty bounces back from the current level, Targets on upside are 42737/42914.
43000 is the major Resistance for this week and if Index sustains above the Resistance, 1st Target is 43500.
41500 is a important Support for this week and if index trades below support, 1st Target is 41024.
As per Daily/Hourly Timeframe, BankNifty is in Downtrend. If Index Tests the Resistance and come down
breaking the channel and support, Downtrend Continues. If Index Sustains above 43500(Resistance), Trend Reverses.
Sideways market between 41500 and 43000 and we may see a big move once the index breaks on either side.
Trade closed: target reached
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