As disclosed on the chart, last week range and current week range like in Nifty 50, Bank nifty also have no intersection point. Such event does happen but frequency is rear. Now coming back to daily range which BNF and Nifty 50 both had for last 2 to 3 days, Nifty 50 price action has already broken it on upside and BNF is still pending to do so.
Important point here is, data analytics does confirm that nifty had no resistance in upper side of range to conquer. So, it is like going up in a free flow without much of of effort.
In case of bank nifty, BNF does have restrained itself in the range even against the Nifty 50. But bank nifty breakout if it does happen will be of much of importance as then it will blow of resistance and range simultaneously.
As Nifty 50 and Bank Nifty are most liquid indices traded on NSE, I will prefer to wait more, for further confirmation.
Important point here is, data analytics does confirm that nifty had no resistance in upper side of range to conquer. So, it is like going up in a free flow without much of of effort.
In case of bank nifty, BNF does have restrained itself in the range even against the Nifty 50. But bank nifty breakout if it does happen will be of much of importance as then it will blow of resistance and range simultaneously.
As Nifty 50 and Bank Nifty are most liquid indices traded on NSE, I will prefer to wait more, for further confirmation.
Comment:
Bank nifty after breaking range... still going strong
