Bank Nifty
Bank Nifty in correction mode.
Into a lower top and lower bottom formation.
Support coming from the earlier breakout point of 32861.
The low registered last week was 32391 but closed at 33006.
A recovery was witnessed but could not cross the lower top of 34425.
Relatively Bank Nifty weaker to Nifty in the current correction phase since the peak formed in Feb'21.
In the event of a fall and close below 32391 expect a slide to 31238 and below.
The demand zone at lower level will be 30957-28957 which may coincide with RSI getting into the oversold zone if fall continues.
A correction has been witnessed reasonably in relation to the rise from 29661 to 36832.
The correction has test the 61.8% retracement of 32746.
The low made till now 32391.
It has also found the support of channel low parallel line.
We may witnessed a new rally or a x formation to test the upper channel line.
As long as 32391 is not violated price could find support at 32746-32391.
Expect near term reversal breakout above 34425.
Bank Nifty in correction mode.
Into a lower top and lower bottom formation.
Support coming from the earlier breakout point of 32861.
The low registered last week was 32391 but closed at 33006.
A recovery was witnessed but could not cross the lower top of 34425.
Relatively Bank Nifty weaker to Nifty in the current correction phase since the peak formed in Feb'21.
In the event of a fall and close below 32391 expect a slide to 31238 and below.
The demand zone at lower level will be 30957-28957 which may coincide with RSI getting into the oversold zone if fall continues.
A correction has been witnessed reasonably in relation to the rise from 29661 to 36832.
The correction has test the 61.8% retracement of 32746.
The low made till now 32391.
It has also found the support of channel low parallel line.
We may witnessed a new rally or a x formation to test the upper channel line.
As long as 32391 is not violated price could find support at 32746-32391.
Expect near term reversal breakout above 34425.