Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in shorter range of 800 points Viz. between 41800 & 42600 which made a bearish candle and yet made a higher high and higher lows. This may be treated as profit booking after a sharp spike on breach of long term trend line resistance at 41300. Going forward the break-out level of 41300 would become a support for some time at least till we see a daily close below this level. The Index is trading in a new upward sloping channel with a pivot at 41600 and the top at 42852 and lower support at 40500. Only a close below 40500 could lead to deeper correction. Expected range for Bank Nifty is 41600-42800. 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.