Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in a range of 1260 Viz. between 38941 & 40202 which made a bearish inside candle. The support at 38700 is crucial and a daily close below that would lead to more selling pressure. The Bank Nifty is continuing to move in the downward sloping channel with Bottom support at 38400 and top resistance at 41100 and the mean at 39750. The present mood of the market is to sell on every spike. With the Monthly expiry due this week we can expect volatile moves. Only a close below 39400 could lead to deeper correction. A breach and close above 40200 would trigger stops and the Bank Nifty might see a spike towards 41100. Expected range for Bank Nifty is 38400-40700. 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.