Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in a range of 1417 Viz. between 39273 & 40690 which made a bullish candle and also made a higher high and higher lows. The Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 38000 and top resistance at 40800 and the mean at 39560. The Index is close to the top of the channel top. Daily close above 40800 could trigger a sharp spike towards 41600. Only a close below 39400 could lead to deeper correction. Expected range for Bank Nifty is 39400-41600. Though the charts are showing positive signs for a possible up move, the Global scenario for Banking stocks continues to be highly negative. 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.