On Friday bank nifty range was 283,
and 14 day's atr value about to hit low value again after 14/12/2022.
its value was 410 where as on 14/12/2022 it was near 400.
very soon we expect range expansion in bank nifty.
what will be the trigger factor?
FOMC meeting should be ,it also coincides with the prevailing
low atr value in bank nifty.
Last week range was 541.35 making it narrowest in last seven week.
so we need to get ready for brak out or break down of bank nifty.
overall structure of bank nifty is positive.
in the chart I have shown three upmoves followed by the retracements.
1 st upmove was a diogonal it was retraced 38.2 percent.
2nd upmove was retraced 61.8 percent and third one was retraced 61.8 percent.
Now it is crucial to see bank nifty should not violate the low of third upmove.
if it happens so whole structure of bank nifty will be disturbed.
Hourly stochiastic is in over sold condition,and one can observe it is nicely playing between
oversold and over bought condition as that happens in range bound market.
I am looking for decisive break out rather than break down as overall structure of bank nifty is
positive.
.Resistances or targets for bank nifty towards up side are 44034,44142,44214-44259 and 44409.
down side 43894 and 38.2 retracement of the recent move around 43760.
but if it violates 43706 bank nifty may sink to 43666 and 43540.
the above levels can be watched for weekly basis too.
and 14 day's atr value about to hit low value again after 14/12/2022.
its value was 410 where as on 14/12/2022 it was near 400.
very soon we expect range expansion in bank nifty.
what will be the trigger factor?
FOMC meeting should be ,it also coincides with the prevailing
low atr value in bank nifty.
Last week range was 541.35 making it narrowest in last seven week.
so we need to get ready for brak out or break down of bank nifty.
overall structure of bank nifty is positive.
in the chart I have shown three upmoves followed by the retracements.
1 st upmove was a diogonal it was retraced 38.2 percent.
2nd upmove was retraced 61.8 percent and third one was retraced 61.8 percent.
Now it is crucial to see bank nifty should not violate the low of third upmove.
if it happens so whole structure of bank nifty will be disturbed.
Hourly stochiastic is in over sold condition,and one can observe it is nicely playing between
oversold and over bought condition as that happens in range bound market.
I am looking for decisive break out rather than break down as overall structure of bank nifty is
positive.
.Resistances or targets for bank nifty towards up side are 44034,44142,44214-44259 and 44409.
down side 43894 and 38.2 retracement of the recent move around 43760.
but if it violates 43706 bank nifty may sink to 43666 and 43540.
the above levels can be watched for weekly basis too.
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