Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in a range of 1330 points Viz. between 40341 & 41671 which made a bearish candle erasing most of the gains in the previous week. These kind of alternative bullish and bearish candles suggest periods of uncertainty and evolving risk scenarios. The support at 39800 is crucial and a daily close below that would lead to more selling pressure. The Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 38900 and top resistance at 41900 and the mean at 40200. The index may see reemergence of buying interest on any correction towards 40K. Bank Nifty is known for its volatile moves and can alter the sentiments in a couple of sessions. Only a close below 39800 could change the present scenario towards bearish bets. We can expect choppy moves on either side. A breach and close above 41700 would trigger stops and the Bank Nifty might see a spike towards 42500. Expected range for Bank Nifty is 39800-41600.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.