A minor resistance at 31720 above which the index can rally to

Feb 7, 2020

The banknifty bounced from an very strong pivot after budget session. The buyers in the index announced their return with a bang, the weekly charts have formed bullish engulfing candle on support. While on daily charts the prices are close to a minor resistance at 31720 above which the index can rally to 33170 – 34700. However a move below 30770 may lead banknifty to correct to 30230 levels. The RSI is into bullish sideways zone while MACD below zero also signifies the same.