BankNifty - Rangebound for a bit !!
How's this view? I see this stuck in the range and I have my reasons here:
1. Recent Fall - There has been a significant selling from the FIIs in the last few weeks and sharp falls are visible on the chart.
The big Red candles are already implying the presence of the sellers here.
2. Long term Trend - This is still bullish and every fall is likely to be bought in such a market.
Now this alone is sufficient enough to say that the market is stuck in a range.
The view will invalidate on break of either level.
1. Recent Fall - There has been a significant selling from the FIIs in the last few weeks and sharp falls are visible on the chart.
The big Red candles are already implying the presence of the sellers here.
2. Long term Trend - This is still bullish and every fall is likely to be bought in such a market.
Now this alone is sufficient enough to say that the market is stuck in a range.
The view will invalidate on break of either level.
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