Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in a range of 1692 points Viz. between 39600 & 41292 and made a bearish candle. The scenario for now appears to be negative. The Bank Nifty appears to be having trouble in crossing even the 41k zone. Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 38960 and top resistance at 41750 and the mean at 40050. The index may see selling pressure on every spike till it closes above at 40900, Bank Nifty is known for its volatile moves and can alter the sentiments in a couple of sessions. However, given the current situation shows more of negative bias. A close below 38960 would make the Index drift towards 38300. With Monthly closing candle during the week followed by a fresh monthly candle we can expect choppy moves on either side. A breach and close above 41k would trigger stops and the Bank Nifty might see a spike towards 41700. Expected range for Bank Nifty is 38960-41750.A daily close outside the broader range indicated above would require re-evaluation. In any case the future direction would be clear by the end of this week.

Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.