Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 2060 points Viz. between 44633 & 46693. The Bank Nifty posted a bullish candle with lower lows and higher highs. The Bank Nifty has been moving within the range of 44600 & 46900 for the fourth week in a row. The Bank Nifty has been underperforming compared to the main Index. Though the Index is under continued pressure the close near the top of the range gives hope for a decent pull back. For now, the Index is expected to consolidate between 45600 and 46850. The oscillators are showing mixed signal. Break above 46850 will see the Index move sharply closing the Gap between 47820 & 46850. A daily close above 46800 required for further upside. Next few weeks are crucial for the Bank Nifty to recover with sharp move or meltdown towards 43K. The expected range for Bank Nifty is 45650-46850. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target.

Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.