Niftybank - Recession or Regression leads to Ascension

16 Kas 2022

Nifty bank, as expected completes the horizontal corrective move and prints ATH. Since October on 7 (2021) closing week, it printed ATH. That suggests the leader in the pack. Though the internals look stretched, that is the way in which the bull market workup. The Regression line with R2 at 0.95 suggests the trend to continue. Price action is just near the middle of the Regression line, a climb above ideally should navigate in the upper part of the Regression line. Talk of recession elsewhere, thought the event and actually date can differ has not dealt the banking sector either here or elsewhere. Clearly banks remain the favourite to hide. Yesterday closing is encouraging, rising the base to 42000 now, while this hold moves to 43000 (won't be a vertical move and remains typical of the space that we have witnessed so far). Supports 42080, 41880,41680. Supply 42600-42780-42830.