Bank NIFTY-Weekly Outlook-Venkat's Blog

Nov 25, 2023

The Bank Nifty moved in range of 576 points Viz. between 43240 & 43806. The Bank Nifty making its second attempt to breach the descending channel and ended closer to the trend resistance. Bank Nifty is fighting back to overcome the setback created by the regulatory changes on capital charge for a few risk assets and closed near the top of the range forming a bullish candle. The Index is still in the descending channel with lower end at 41450 and the top of the channel at 43850. There are fair chances that the Bank Nifty makes one more attempt to break the descending channel and moves higher. towards 44700 (the Oct high). The oscillators are showing mixed signal. Expected range for Bank Nifty is 43200-44700. If the support at 43200 gives way, we may see another steady decline towards 42700. 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.