The Bank Nifty moved in a range of 1096 points Viz. between 40882 & 41979 and made a bearish candle. The scenario for now appears to be balanced. The Bank Nifty appears to be having trouble in crossing the 42k zone convincingly. Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 39200 and top resistance at 41900 and the mean at 40520. While the index may see selling pressure at 41900, there are fair chances that this level is taken-off and the Bank Nifty attempts next strong resistance level of 42700. A close below 40500 would make the Index drift towards 39500. With Monthly expiry due during the week and Monthly closing candle for the next week expect choppy moves on either side for another couple of weeks. A breach and close above 42200 would trigger stops and the Bank Nifty might see a spike towards 42700. Expected range for Bank Nifty is 39350-42450.A daily close outside the broader range indicated above would require re-evaluation. In any case the future direction would be clear by the end of this week.
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.