Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 1246 points Viz. between 44787 & 43541. The weekly candle is a strongly bullish one with higher highs and lower lows. The Index is trading in a new upward sloping channel with a pivot at 45230 and the top at 46400 and lower support at 44130. Only a weekly close below 44100 could lead to deeper correction.The Bank Nifty has been hovering around the 43500-44500 zone for the past 6-7 weeks.We may find direction only if this range is breached on closing basis. L reversal of 4 consecutive red candle which is a positive sign. Expected range for Bank Nifty is 44400-45500.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.