Banknifty - Summit Time

Aug 1, 2022

Last 45 days it is relent less up move in Bank Nifty reaching a tad above the 200 DMA and closer to strong supply zone 38000. This kind of up-move was seen only during COVID time in Sep 2020. The economic and liquidity landscape is completely different now. The price action is below strong resistance line. On Friday we had counter attack candle suggesting some profit taking ahead of the MPC meeting on 5th. While bulls have built higher base and are threatening to pierce the dropping trend line the broader market appears in for consolidation. The leader namely SBI and ICICI Bank remain healthy lending strong base building at higher levels. 36800-37800 is the ideal near term range before the policy. For the day short 37600 stops 37880 take profit 37200