After trading within the Head and Shoulder pattern, the Bank Nifty finally gave a good breakout above our resistance line and traded 1200+ points up with very minimum resistance today.
The technical analysis shows a clear bull run from here till 37000 with internal corrections and Targets/Resistance given in the chart. Once the BANKNIFTY crosses the target, the respective target becomes immediate support to the same.
On the Bearish side if BANKNIFTY starts trading below 32350 then we can again see a Bearish move which I am highly not in the belief of.
The MACD is still showing a buying momentum and with reducing cases of COVID in India the markets seems to be ready for a Bull-run again.
You can always do back testings on Day/Week/5min charts as per your experience and track the Bank results to have a stronger view before taking any trade.
This is just my personal study and analysis. Do not trade on the basis of just my study. Do your own research as well.
Reference to my previous idea is in link below.
The technical analysis shows a clear bull run from here till 37000 with internal corrections and Targets/Resistance given in the chart. Once the BANKNIFTY crosses the target, the respective target becomes immediate support to the same.
On the Bearish side if BANKNIFTY starts trading below 32350 then we can again see a Bearish move which I am highly not in the belief of.
The MACD is still showing a buying momentum and with reducing cases of COVID in India the markets seems to be ready for a Bull-run again.
You can always do back testings on Day/Week/5min charts as per your experience and track the Bank results to have a stronger view before taking any trade.
This is just my personal study and analysis. Do not trade on the basis of just my study. Do your own research as well.
Reference to my previous idea is in link below.
