Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 1772 points Viz. between 45661 & 47433. The Bank Nifty posted a bullish candle with lower lows and higher highs. The Bank Nifty has been underperforming compared to the main Index. The Bank Nifty is moving in an ascending channel with lower support at 44275 and resistance at 49780 with a pivot at 47060. Within the channel there exists a minor trend which is a descending channel with top at 47600 and bottom at 44085. Hence the Bank Nifty is facing a crucial resistance at 47500-600 zone. Break above 47500-600 zone would help the Index re-test previous highs and also a chance for a new ATH. The oscillators are showing mixed signal. A daily close above 47500 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 44K. The expected range for Bank Nifty is 46350-48300. 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.