Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in range of 1125 points Viz. between 42780 & 43905. The weekly candle is a bullish and made a higher high and higher lows. Going forward the break-out level of 41300 would become a support for some time at least till we see a daily close below this level. The Index is trading in a new upward sloping channel with a pivot at 43800 and the top at 44620 and lower support at 43050. Only a close below 42600 could lead to deeper correction. Similar to the main index Bank nifty also is making alternate bullish and bearish candles for the past 5 weeks. Expected range for Bank Nifty is 43050-44620. A daily close outside the broader range indicated above would require re-evaluation.

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