The Bank Nifty moved in range of 907 points Viz. between 44420 & 43543. The Bank Nifty attempted breaching the descending channel and ended up facing tuff resistance at 44400-420 range. Added by the regulatory changes on capital charge for a few risk assets the Bank Nifty lost the gains made during the past week and closed near the lows of the week forming a bearish candle. The Index is back in a descending channel with lower end at 41500 and the top of the channel at 43900. Still there are chances that the Bank Nifty makes one more attempt to break the descending channel and moves higher. towards 44700 (the Oct high). The oscillators are showing mixed signal. Expected range for Bank Nifty is 42700-44700. If the support at 43300 gives way, we may see another steady decline towards 42700. A daily close outside the broader range indicated above would trigger a sharp move and would require re-evaluation of risk and target.
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.