The Bank Nifty moved in range of 915 points Viz. between 46529 & 47440. The Bank Nifty posted a bullish candle with higher lows and higher highs. The big picture shows that it is moving in an ascending channel with lower support at 44600 and resistance at 50200 with a pivot at 47600.The Bank Nifty has been underperforming compared to the main Index. Within the channel there exists a minor a descending channel as well as an ascending channel. The Bank Nifty is truly at cross roads and makes it difficult to decipher which minor trend it actually follows. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. A daily close above 47700 would trigger a sharp move. The expected range for Bank Nifty is 46700-48700.and a daily close outside the range 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.