Bank NIFTY-Weekly Outlook-Venkat's Blog

10 thg 6, 2023

The Bank Nifty moved in range of 542 points Viz. between 44459 & 43917. Though the weekly candle is a bearish one it is an inside candle. Going forward the 43600 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 44520 and the top at 45150 and lower support at 43640. Only a close below 43600 could lead to deeper correction. Similar to the main index Bank nifty also is making alternate bullish and bearish candles for the past 7 weeks. As an exception the past week candle is consecutive red candle which is a sign of weakness. Expected range for Bank Nifty is 43640-45150. 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.