Bank NIFTY-Weekly Outlook-Venkat's Blog

21 thg 5, 2023

The Bank Nifty moved in range of 705 points Viz. between 44151 & 43446. The weekly candle is a bullish and made a higher high and higher lows. Going forward the 42700 would become a support for some time at least till we see a daily close below this level. The Index is trading in a new upward sloping channel with a pivot at 44200 and the top at 45200 and lower support at 43200. Only a close below 42600 could lead to deeper correction. Similar to the main index Bank nifty also is making alternate bullish and bearish candles for the past 6 weeks. Expected range for Bank Nifty is 43200-45200. 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.