The Bank Nifty had a sharp move with a wide range of 2600 points Viz. between 39419 & 42015 and made a bullish candle. The Bank Nifty managed to recover most of the loss made in the previous week. The scenario for now appears to be positively biased. And the Bank Nifty is looking to scale the previous break-down levels of 41700 and subsequently 42200. It may be observed that the Bank Nifty is moving in the downward sloping channel with Bottom support at 39350 and top resistance at 42200 with pivot at 40700. While the index may see selling pressure at 41700, there are fair chances that this level is taken-off and the Bank Nifty attempts next strong resistance level of 42200. Volatility likely to continue for another couple of weeks. A breach and close above 42200 would trigger stops and the Bank Nifty might see a spike towards 43600. Expected range for Bank Nifty is 39350-42200.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.