Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 1157 points Viz. between 42582 & 43739. The weekly candle a bearish still made a higher high and higher lows. 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 43230 and the top at 43980 and lower support at 42400. Only a close below 42000 could lead to deeper correction. The reversal happened from close to the top of the channel resistance of 43770 noted in the previous blog. Expected range for Bank Nifty is 42400-43980. 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.