pruthvig1604

pruthvig1604

As per the Chart the BNF trying to hold the bullish position, we can turn bearish if BNF breaks the 38250 levels as per the Fibonacci 0,38 level is around 38250. also the banks posted the good results both private banks as well as the PSU banks like SBI and Canara bank posted very good levels so that should support BNF to take support till 38300 to 3250 levels.

pruthvig1604

Bank Nifty looking bullish in near future in hourly timeframe, also closed above the resistance 38816, yesterdays low (on budget day) despite of the volatility it took support at 0.38 Fibonacci level drawn from recent swing low. Post Budget 2022 HDFC Bank the majority weightage stock of Bank Nifty has rallied more than 2% and other Private Banks like ICICI and...

pruthvig1604

Bank nifty has bounce back from recent low from December 20th 2021 which can be confirmed as per the Fibonacci retracement 30 % rejection. next important Resistance for Bank nifty is 38446. and also the Bank nifty index heavy weight stocks like HDFC and ICICI are up on 22 Jan 2022. SBI also being higher side give bit more strength to the index at this point.

pruthvig1604

Nifty Auto is facing resistance in daily as well as weekly time frame, also it formed a double top pattern in the daily time frame considering other parameters like chip shortage and thus a great fall in auto sector heavy weight like Maruti and Tata Motors etc, so the bearishness might continue further after considering all these parameters.