Banknifty Forming Double Bottom

Nifty is again back to its double bottom levels on daily closing. There is not much movement seen within the range of 17800 to 18150. The 20-day average is placed at 18140 and so we need a close above this level for further upside possibilities. The index has support at 17800. We see that there could be a possible bounce and only above 18200, we will be bullish.

Banknifty has not given much move in the last 3 trading sessions. Volatility has increased and the move is restricted in the range of 41600 to 42800. The 20-day average is at 42779 and hence unless a close above this level, momentum is tough to gain. We again see there is a double bottom formation in place, so a possible bounce is expected in the Index.

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