Bank Nifty previous weeks candle has closed positively with the formation of a Bullish Pin bar.
The last trading session Daily candle closed again in a very Bullish manner signalling that Bulls have taken control in the immediate term.
Similar to Nifty, I am expecting Bank Nifty to head towards 54,250 this week.
In case of flat opening or gap down opening, BN will continue to be in Buyers territory as long as 52,620 holds.
In case of a big gap up, I would advise taking fresh long position as 54,250 - 54,500 can be a strong resistance zone as BN approaches the All Time High zone.
Those carrying overnight positions can book profits and exit around those levels and avoid being overly greedy!
The last trading session Daily candle closed again in a very Bullish manner signalling that Bulls have taken control in the immediate term.
Similar to Nifty, I am expecting Bank Nifty to head towards 54,250 this week.
In case of flat opening or gap down opening, BN will continue to be in Buyers territory as long as 52,620 holds.
In case of a big gap up, I would advise taking fresh long position as 54,250 - 54,500 can be a strong resistance zone as BN approaches the All Time High zone.
Those carrying overnight positions can book profits and exit around those levels and avoid being overly greedy!
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