Will BANK NIFTY Hit 37800 Today?
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Bank Nifty had stuck into the descending channel (DC) from 25 Oct to 07 Dec. The upper trendline of DC has broken and started moving forward. It has filled the 25 Nov gap yesterday and marching towards the supply zone. We have chances to see 37600 – 37800+ levels today. Intraday traders can take benefit of it.
But you must note the second resistance of 36871. It’s a barrier for buyers. If Bank Nifty remains under of it, then we may see an excess of this channel. And that will collapse the Bank Nifty prices from 36800 to 36300 – 35696 below. That’s why I have highlighted the supply zone in the above chart with a strict warning.
I have used RSI and Stoch RSI together. The Stoch RSI is indicating a downtrend ahead. But, others (MA, DMI, & RSI) are throwing positive signs. Hence, you have to focus on the second resistance line only.
Further any changes/details I will update during the market hours.
But you must note the second resistance of 36871. It’s a barrier for buyers. If Bank Nifty remains under of it, then we may see an excess of this channel. And that will collapse the Bank Nifty prices from 36800 to 36300 – 35696 below. That’s why I have highlighted the supply zone in the above chart with a strict warning.
I have used RSI and Stoch RSI together. The Stoch RSI is indicating a downtrend ahead. But, others (MA, DMI, & RSI) are throwing positive signs. Hence, you have to focus on the second resistance line only.
Further any changes/details I will update during the market hours.
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