The Bank Nifty moved in range of 1333 points Viz. between 46886 & 48219. The Bank Nifty posted a new ATH. The Bank Nifty will now have decent support around 47250-300 zone which it crossed after 3 months of selling pressure. In the past week Bank Nifty did not move in the same pace as that of NIFTY. However, it is on its course to attempt 48600 which is the target of breaking the descending channel. There are fair chances that the Bank Nifty moves swiftly higher to make a new ATH. The oscillators are turning positive. Expected range for Bank Nifty is 47250-49600. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target.
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.