The Bank Nifty moved in range of 1726 points Viz. between 43831 & 42105. The Bank Nifty posted an unusually a bigger bearish candle. In spite of Major banks reporting good Q2 numbers, the current sentiments are negative and every support which was expected to hold ultimately failed. The Index is moving in a descending channel with lower end at 41900 and the top of the channel at 43300. The oscillators are showing negative signals. Expected range for Bank Nifty is 41900-43300. If the support at 41900 gives way we may see another steady decline towards 40900. A daily close outside the broader range indicated above would trigger a sharp move 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.