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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