The Bank Nifty moved in range of 612 points Viz. between 44212 & 43600. The weekly chart shows a fourth consecutive weekly bearish candle and it made lower lows and lower highs. The Bank Nifty seem to have breached one of crucial channel support zone at 44500. Going forwards 44500 would be a resistance. However, just a strong move can negate the scenario. A daily close above 44K would be a sign of reversal and can help in re-test of 44500 and even 45200. Expected range for Bank Nifty is 42500-44500. 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.