The Bank Nifty moved in range of 709 points Viz. between 43857 & 44566. The past week saw less volatility and a narrower range and made another bearish candle, Though the current sentiments are negative, the declines closer to the monthly lows around 44K are expected to be bought. The weekly chart shows a Hammer candle and if confirmed has a potential target of 45860 which matches with the channel top. The Index is moving in a descending channel with lower end at 43820 and the top of the channel at 45520 with the midpoint at 44670. The oscillators are showing mixed signals. Expected range for Bank Nifty is 43960-45520. A daily close outside the broader range indicated above would trigger a spike of 400 points 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.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.