Bank NIFTY-Weekly Outlook-Venkat's Blog
The Bank Nifty moved in range of 1046 points Viz. between 46317 & 47363. The Bank Nifty posted a bullish candle with higher lows and higher highs. The Bank Nifty has moved out from the range of 44600 & 46900 after four weeks of consolidation. The Bank Nifty has been underperforming compared to the main Index. Bank Nifty is facing a crucial resistance at 47500-600 zone. Break above 47500 would help the Index re-test previous highs and also a chance for a new ATH. The oscillators are showing mixed signal. A daily close above 47500 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 46350-47700. 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.
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