#BankNifty Analysis and views Coming forward
In the last week, Bank Nifty structure was clearly #bullish.
On Monday it opened gap-up with wide range candles which shows strong players have entered the market and then it started #consolidating and moved higher.
During the last 5 trading days, Bank nifty has been making higher lows. It never breached the low's of previous day.
On Wednesday, it made higher high with Wide range candle but then showed a bit of pull back to retest the previous consolidation and then a V-shape recovery.
On Friday, Bank Nifty opened gap up, and throughout the day it consolidated.
So in the coming weeks, there are two major events lined up -
1. #uselection2020
2. #stimuluspackage
These can impact overall market in either way. Looking at Bank nifty structure it is still bullish, seeing it has not broken previous low. In coming days we might see retest of levels around 24100 and then starts its journey for 25000 and breaking the highs of August. Also keep a eye on #Vix inching higher.
#trading #stockmarket #markets #nifty50 #tradingforex #technicalanalysis #forex
In the last week, Bank Nifty structure was clearly #bullish.
On Monday it opened gap-up with wide range candles which shows strong players have entered the market and then it started #consolidating and moved higher.
During the last 5 trading days, Bank nifty has been making higher lows. It never breached the low's of previous day.
On Wednesday, it made higher high with Wide range candle but then showed a bit of pull back to retest the previous consolidation and then a V-shape recovery.
On Friday, Bank Nifty opened gap up, and throughout the day it consolidated.
So in the coming weeks, there are two major events lined up -
1. #uselection2020
2. #stimuluspackage
These can impact overall market in either way. Looking at Bank nifty structure it is still bullish, seeing it has not broken previous low. In coming days we might see retest of levels around 24100 and then starts its journey for 25000 and breaking the highs of August. Also keep a eye on #Vix inching higher.
#trading #stockmarket #markets #nifty50 #tradingforex #technicalanalysis #forex