The Bank Nifty had a sharp move with a wide range of 2930 points Viz. between 43078 & 40148 and made a bearish candle. The Bank Nifty faced strong selling pressure on breach of trend line support at 42370. Every spike there after got sold-off and gained further momentum when it breached 41700 which was holding for five weeks. The scenario for now appears to be negatively biased. Bank Nifty is likely to target lower levels with 41500 & 42100 as strong resistance levels. As observed in the previous blog the Bank Nifty is likely to drift towards 39800 and then 38600.However, there could be relief rally towards 41500 or higher which is likely to be sold-off. Expected range for Bank Nifty is 38800-41500. The fall has triggered increased volatility which is likely to continue though the next month. 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.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.