The Bank Nifty moved in range of 1278 points Viz. between 47279 & 48557. 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 seem to be catching up the lost opportunities. Within the channel there exists a minor a an ascending channel. The oscillators are showing mixed signal. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 45K. The Bank Nifty is edging towards the previous ATH and in all probabilities it is likely to reach a new ATH. The resistance cones in at 49170-200 range and the support at 46950. The expected range for Bank Nifty is 47500-49150.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.