Bank Nifty is continuously inching upwards after the 04 June incident.
However, it is quite clear on on Bank Nifty chart that the index is struggling on higher levels everyday. In fact, even weekly charts are showing multiple rejections from higher levels.
Index is slowly exhausting its momentum and getting ready for a correction. We probably can call it as "Pre-Budget" correction.
Stay cautious as Bank Nifty looks bearish than bullish.
Bank Nifty should first move towards 48600 and then decide on further trajectory.
However, it is quite clear on on Bank Nifty chart that the index is struggling on higher levels everyday. In fact, even weekly charts are showing multiple rejections from higher levels.
Index is slowly exhausting its momentum and getting ready for a correction. We probably can call it as "Pre-Budget" correction.
Stay cautious as Bank Nifty looks bearish than bullish.
Bank Nifty should first move towards 48600 and then decide on further trajectory.
Trade closed manually
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.