The Bank Nifty moved in range of 1162 points Viz. between 45828 & 46990. The Bank Nifty posted a reactive bullish candle with lower lows and lower highs. The Bank Nifty has been underperforming compared to the main Index. The big picture shows that it 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 a descending channel as well as an ascending channel. The Bank Nifty is truly at cross roads and makes it difficult to decipher which minor trend it actually follows. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. A daily close above 47300 would trigger a sharp move. The expected range for Bank Nifty is 45900-48300.and a daily close outside the range 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.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.