Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in a range of 506 Viz. between 40535 & 41274 which made a bullish candle and also made a higher high and higher lows. However, the small candle suggests a cautious approach of the market as it is near the top of the trend line. The Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 38100 and top resistance at 41300 and the mean at 39600. The Index is close to the top of the channel top. Daily close above 41300 could trigger a sharp spike towards 41800. Only a close below 39600 could lead to deeper correction. Expected range for Bank Nifty is 39400-41600. Though the charts are showing positive signs for a possible up move, the Global scenario for Banking stocks continues to be highly negative. 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.