The Bank Nifty lost 797 points and made a bearish candle. Bank Nifty as almost lost previous week’s gains. There is not much of change in the scenario as we see the Index continuing to move in a channel with top at 44600 and lower end at 41800 with a pivot at 43100. This week is crucial to see whether the Bank Nifty holds crucial channel support at 41900-42000 zone for this week. The scenario for now appears to be balanced even as the bears attempt to break the channel support. Bank Nifty is likely to continue in a wider range of 41700-44200 with 43100 as pivot and a breach and close above or below could see the next range of 900 points. For now, 41700 is the crucial level to be watched. And break on a closing basis would mean there is deeper correction ahead towards 40685 and then to 39800. 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.