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.