On the daily chart the index has formed a Bearish candle with a lower shadow indicating buying at lower levels.
The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a short term up
trend. The chart pattern suggests that if Banknifty crosses and sustains above 38000 levels it would witness
buying which would lead the index towards 38200-38500 levels. However if the index breaks below 37800 level it
would witness selling which would take the index towards 37600-37300. Banknifty is trading above 20 and 50 day
SMA indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the long
term, so accumulation on dips and near major support zones continues to be our preferred strategy.
The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative
bias.
S2 S1 P R1 R2
Bank Nifty 37295 37570 37870 38150 38445
The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a short term up
trend. The chart pattern suggests that if Banknifty crosses and sustains above 38000 levels it would witness
buying which would lead the index towards 38200-38500 levels. However if the index breaks below 37800 level it
would witness selling which would take the index towards 37600-37300. Banknifty is trading above 20 and 50 day
SMA indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the long
term, so accumulation on dips and near major support zones continues to be our preferred strategy.
The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative
bias.
S2 S1 P R1 R2
Bank Nifty 37295 37570 37870 38150 38445