Bank Nifty Weekly Analysis for 28-11-22 to 02-12-22.
Bank Nifty Weekly Analysis for 28-11-22 to 02-12-22.
42636-42780 is the Weekly Support for Bank Nifty.
43200-43350 is the Resistance for Bank Nifty.
Weekly Candles in both the Indices(Nifty & Bank Nifty) are Bullish, but trading in Overbought Zone.
We may Expect 3 Possibilities this Week.
1. If Bank Nifty Tests Resistance(43200-43350) and Reverses, Targets on Downside are 42780/42450/42270.[ Reason: XABCD Activates below C Point (support zone).]
2. If Bank Nifty Sustains Above 43400, Target on Upside is 43923.[ Reason: ABCD Activates above 43350.]
3. If Index Tests the Weekly Support(42636-42780) & Bounces back, Targets on Upside are 43065/43200.[Reason: Sideways Market]
42636-42780 is the Weekly Support for Bank Nifty.
43200-43350 is the Resistance for Bank Nifty.
Weekly Candles in both the Indices(Nifty & Bank Nifty) are Bullish, but trading in Overbought Zone.
We may Expect 3 Possibilities this Week.
1. If Bank Nifty Tests Resistance(43200-43350) and Reverses, Targets on Downside are 42780/42450/42270.[ Reason: XABCD Activates below C Point (support zone).]
2. If Bank Nifty Sustains Above 43400, Target on Upside is 43923.[ Reason: ABCD Activates above 43350.]
3. If Index Tests the Weekly Support(42636-42780) & Bounces back, Targets on Upside are 43065/43200.[Reason: Sideways Market]
Trade active
Upside Targets Hit as per 3rd Point. Now any 1 of the remaining 2 points must happen in the coming days.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.