The Bank Nifty moved in range of 637 points Viz. between 44547 & 45184. The Bank Nifty moving in a smaller range is unusual. The performance in the past two weeks have been muted compared to other majors. The weekly chart shows a bearish candle and it made lower lows and lower highs. The Index is trading in an upward sloping channel with a pivot at 45710 and the top at 46970 and lower support at 44460. A weekly close below 44300 could lead to deeper correction. The ensuing week is crucial to see if Bank Nifty can hold the crucial support at 44300 and move higher. Past week candle can be interpreted as confirmation and there exists potential for the correction could be towards 43K. If such move happens then could impact NIFTY as well. He Bank Nifty will have hurdles around 45200 and 45 500. A strong move only can negate the sentiments. Expected range for Bank Nifty is 44300-45710. A daily close outside the broader range indicated above would require re-evaluation.
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.