Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 1322 points Viz. between 46181 & 44859. The Bank Nifty posted a bearish candle with lower highs and lower lows. The Bank Nifty has been underperforming compared to the main Index. Though the Index is under continued pressure the recovery on the final session of the week gives hope for a decent pull back. For now the Index is expected to consolidate between 44850 and 46850. The oscillators are showing mixed signal. A daily close above 46800 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 44850-46800. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target.


Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.