The Bank Nifty moved in range of 1079 points Viz. between 45310 45383. As expected the previous three weeks move to be treated as consolidation, the Bank Nifty finally broke its narrow range. It made a strongly bullish candle, With the change in sentiments, the declines are expected to be bought. The Index is moving in an ascending channel with lower end at 44950 and the top of the channel at 46550 with the midpoint at 45810. The oscillators point towards a break higher. While the main index Nifty has posted a new ATH, Bank Nifty is trailing behind. We can expect a breach of earlier highs and a new ATH achieved during the ensuing week. Expected range for Bank Nifty is 45810-46550. 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.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.