Bank NIFTY-Weekly Outlook-Venkat's Blog

The Bank Nifty moved in a range of 1645 points Viz. between 39745 & 41390 there by recovering all that was lost during the previous week and made a bullish candle. The scenario for now appears to be positively biased with two consecutive candles holding 39800 range. The Bank Nifty appears to have made a base at 39800 and is continuing to move in the downward sloping channel with Bottom support at 39120 and top resistance at 42120 and the mean at 40600. The index may see reemergence of buying interest on any correction towards 40K. Bank Nifty is known for its volatile moves and can alter the sentiments in a couple of sessions. Only a close below 39800 could change the present scenario towards bearish bets. We can expect choppy moves on either side. A breach and close above 42100 would trigger stops and the Bank Nifty might see a spike towards 42500. Expected range for Bank Nifty is 40500-42100.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.