Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 1819 points Viz. between 45484 & 47303. The Bank Nifty successfully cleared the resistance at the top of the second level of the descending channel and moved swiftly towards 47K and made a new ATH. The Bank Nifty is facing hurdle around 47250-300 zone as could be seen from charts that 3 out of 5 candles of last week attempted this zone. Break above this one would see the Index spike towards 48600 which is the target of breaking the descending channel. There is another hurdle around 47700 which may not resist much if the momentum is higher. There are fair chances that the Bank Nifty moves swiftly higher to make a new ATH. The oscillators are turning positive. Expected range for Bank Nifty is 46400-48600. 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.