BANKNFITY TECHNICAL WEEKLY UPDATE
TECHNICAL VIEW
-banknifty has relative strength as compared to nifty
-index outperformed with 21% return in 2022 and is expected to continue
-psu bank will be the value play
-still have to catch with private banks
-outperformance of small private banks (RBL,FEDERAL BK etc) will continue with psu banks
-lending banks will continue to perform in rising interest rate cycle
MAJOR LEVELS TO WATCH
RESISTANCE
43550 (a close above 43550 will lead to retest of recent new all time high)
SUPPORT
42900 (a close below 42900 will lead to break down of 20-ema and will lead to consolidation
DISCLAIMER:-
-please consult your financial advisor
-this is not a recommendation
-please make your risk
-do not overtrade
-banknifty has relative strength as compared to nifty
-index outperformed with 21% return in 2022 and is expected to continue
-psu bank will be the value play
-still have to catch with private banks
-outperformance of small private banks (RBL,FEDERAL BK etc) will continue with psu banks
-lending banks will continue to perform in rising interest rate cycle
MAJOR LEVELS TO WATCH
RESISTANCE
43550 (a close above 43550 will lead to retest of recent new all time high)
SUPPORT
42900 (a close below 42900 will lead to break down of 20-ema and will lead to consolidation
DISCLAIMER:-
-please consult your financial advisor
-this is not a recommendation
-please make your risk
-do not overtrade
TRADERSMOJO TELEGRAM CHANNEL
*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
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