Bank NIFTY-Weekly Outlook-Venkat's Blog

17 Haz 2023

The Bank Nifty moved in range of 819 points Viz. between 44212 & 43397. The weekly candle is a bearish one. The Bank Nifty once breached the crucial 43600 and reversed to close at 43970. The Index is trading in a new upward sloping channel with a pivot at 44650 and the top at 45580 and lower support at 43500. Only a weekly close below 43500 could lead to deeper correction. The Bank Nifty has been hovering around the 43500-44500 zone for the past 6-7 weeks. We may find direction only if this range is breached on closing basis. The past week candle is 3rd consecutive red candle which is a sign of weakness. Expected range for Bank Nifty is 43300-44500. 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.