The Bank Nifty moved in a range of 700 points Viz. between 41095 & 41791 and made a Doji and inside candle. The scenario for now appears to be positively biased. And the Bank Nifty is looking to scale the previous weeks high of 42K at least. Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 39200 and top resistance at 42420. While the index may see selling pressure at 42200, there are fair chances that this level is taken-off and the Bank Nifty attempts next strong resistance level of 42450. Volatility likely to continue for another couple of weeks. A breach and close above 42450 would trigger stops and the Bank Nifty might see a spike towards 43600. Expected range for Bank Nifty is 39350-42450.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.