BankNifty Analysis

13 ก.ค. 2022

If bank nifty gives closing above 34400-34500(nearby round figure) on weekly chart, can take bounce till 36500 as its 1st target in coming weeks, as if we move to daily chart 34500 n 34400 has support of ema50 n ema20 respectively, also it measures 0.5 on fib level of last week's candle, which makes it perfect pointn to bounce back. On weekly chart it's forming falling wedge(blue dotted trendline), can face minor resistance on dotted red line. Monthly closing above 35800 will be a good sign for banknifty, can see bounce/ minor pull back n bounce if closes above 35800 on monthly basis. Currently taking retracement of 0.382 fib level on monthly chart again another good sign . However 36500 is the key level to keep into focus.