Bank Nifty is taking support from its long term trend channel. On daily TF, it took support at 46980 while it reversed from upper end of the channel from 49974 few days back, After continuous 8 bearish trading sessions, it retested the lower end of the channel perfectly, and should move up now. The immediate target seems 48170, and then 48500.
48500 is also a 0.5 fib-retracement level from the recent from from all time highs. Above it, it can touch 48840, and if it stays above this level it can show new ATH as well in coming days.
Also, please do your own analysis before taking a trade. This analysis can be considered for educational purposes only.
48500 is also a 0.5 fib-retracement level from the recent from from all time highs. Above it, it can touch 48840, and if it stays above this level it can show new ATH as well in coming days.
Also, please do your own analysis before taking a trade. This analysis can be considered for educational purposes only.