Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 792 points Viz. between 4498 & 43706. Though the weekly candle is a bearish one it made a higher highs and higher lows which is a positive signal for continuation of the current trend. Going forward the 43600 would become a support for some time at least till we see a daily close below this level. The Index is trading in a new upward sloping channel with a pivot at 44250 and the top at 45840 and lower support at 43670. Only a close below 43600 could lead to deeper correction. Similar to the main index Bank nifty also is making alternate bullish and bearish candles for the past 7 weeks. We can expect a positive candle this week. Expected range for Bank Nifty is 43670-45850. 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.