Date: 02 July 2020
Time: 01.18 pm
Bank Nifty (CMP:22100)
Bank Nifty is moving in a channel and currently forming a rising wedge pattern. It can find support in the zone of 21500-21600 and then again start moving up or breakdown. While breakdown in price looks unlikely but be cautious because the earning season will soon start and this will be crucial one as the results of Apr-June qtr will be very important. But market is discounting the poor results. Only if the major banks like ICICI, HDFC Bank, SBI, Axis, Kotak bank perform worst i.e. poorer than expectations then BN will crack.
Not looking for any target. Just keeping a watch on BN based on this analysis.
Time: 01.18 pm
Bank Nifty (CMP:22100)
Bank Nifty is moving in a channel and currently forming a rising wedge pattern. It can find support in the zone of 21500-21600 and then again start moving up or breakdown. While breakdown in price looks unlikely but be cautious because the earning season will soon start and this will be crucial one as the results of Apr-June qtr will be very important. But market is discounting the poor results. Only if the major banks like ICICI, HDFC Bank, SBI, Axis, Kotak bank perform worst i.e. poorer than expectations then BN will crack.
Not looking for any target. Just keeping a watch on BN based on this analysis.