Banknifty has seen a whopping gain of about 33% since the start of this year.
And we talk about technicals, bank nifty has been trading in an upsloping channel and currently, it is approaching the upper band of the channel, which might act as a resistance in the near future, hence one should get careful now or trade light with strict stop loss as it is approaching supply area.
The structure of the index within the channel is still maintained of higher highs and higher lows.
Though the last 3 swings are overlapping, which is somehow signaling that the move ahead may get choppy and volatile.
The good support, now I see is around 36876 levels, hence as long as the index is trading above this level, we might see the index getting sideways in a Big Range.
And we talk about technicals, bank nifty has been trading in an upsloping channel and currently, it is approaching the upper band of the channel, which might act as a resistance in the near future, hence one should get careful now or trade light with strict stop loss as it is approaching supply area.
The structure of the index within the channel is still maintained of higher highs and higher lows.
Though the last 3 swings are overlapping, which is somehow signaling that the move ahead may get choppy and volatile.
The good support, now I see is around 36876 levels, hence as long as the index is trading above this level, we might see the index getting sideways in a Big Range.