Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 811 points Viz. between 44844 & 45655. The Bank Nifty broke the 43500-44500 range where it was hovering for the previous 6-7 weeks and made a new ATH. However, the weekly chart shows a bearish candle although with higher highs and lower lows. The Index is trading in an upward sloping channel with a pivot at 44740 and the top at 45740 and lower support at 43740. Only a weekly close below 44300 could lead to deeper correction. The weekly candle can be interpreted as inv Hammer, which requires confirmation. The potential for the correction could be towards 43K. Expected range for Bank Nifty is 43740-45740. 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.