The Bank Nifty moved in range of 1031 points Viz. between 44589 & 43558. The Bank Nifty posted a negative candle completely erasing the earlier week gains. The current sentiments is back to negative after previous weeks positive. This implies uncertainties on the clear direction. The declines closer to the monthly lows around 43400 are expected to be bought. The Index is moving in a descending channel with lower end at 43430 and the top of the channel at 44530 with the midpoint at 43930. The oscillators are showing mixed signals. Expected range for Bank Nifty is 43430-44530. A daily close outside the broader range indicated above would trigger a spike of 400 points and would require re-evaluation of risk and target.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.