The Bank Nifty moved in range of 976 points Viz. between 45096 & 44120. The weekly chart shows a third consecutive weekly bearish candle and it made lower lows and lower highs. The Bank Nifty seem to have breached one of crucial channel support zone at 44500. Going forwards 44500 and 45200 would be resistance zone. However, just a strong move can negate the scenario. A daily close above 45200 required for re-test of 45700. Expected range for Bank Nifty is 43380-45380. 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.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.