NIFTYBANK - RECOVERY TIME

11 thg 1, 2022

Niftybank, further prints move past 38200 (against our expectation). This pushes the index in similar place like that of the major Index towards the 0.618% of the re tracement which marks around the 38400-600 area. The good thing for the bulls is the base has moved higher now around the 37500 area and focus remains around the 38600-800 area. Continues to favour the buy on dips, however near term over bought zones on any incremental moves can have profit taking impact. Thus for the day 37900-38700 range would work well.