Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in a range of 1469 Viz. between 40727 & 42196 which made a strongly bullish candle and also made a higher high and higher lows. This strong candle penetrates the downward sloping parallel channel at 41200. As expected a break 41300 triggered a sharp spike well beyond 41800 and hit a high of 42190. Going forward the break-out level of 41300 would become a support for some time at least till we see a daily close below this level. The Index is close to the top of a new channel which is at 42470. Only a close below 40700 could lead to deeper correction. Expected range for Bank Nifty is 41300-42500. 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.