NIFTYBANK - BULLS REDRAW LINES

12 thg 1, 2022

Nifty bank, optically overbought or extended is not reflected in the price action. Thus the proof needs to be in the pudding. Though intra-day the price action did go negative (suggestive of possible top ahead of weekly expiry), bulls redrawing their base successive day. While this hold the broader market and global cues and stronger rupee aids in bulls further upside focus. 38800 appears to be one such area to capture while 37800 holds near term base. Shorts need to wait probably remain on watch mode still we clear of those stronger hurdles. Dice set for the bulls. Intra-day 38200-38800 works.