Nifty Bank IndexFormazione
BANKNIFTY WEEKLY ANALYSIS (17/7/21)
- Price is converging between lower trendline and upper trendline, will need to give breakout (follow the major trend)
- Price must trade above 35800 and sustain to make upper move to ATH which is 5.38% away)
- Outperformed nifty this week, follow up price action is needed (upside) as price closed exactly at upper trendline shadow
- Anticipating breakout in 1-3 weeks time period (although market is supreme)
- HDFC bank results on Monday, can help decide the direction of BNF.
- Price must trade above 35800 and sustain to make upper move to ATH which is 5.38% away)
- Outperformed nifty this week, follow up price action is needed (upside) as price closed exactly at upper trendline shadow
- Anticipating breakout in 1-3 weeks time period (although market is supreme)
- HDFC bank results on Monday, can help decide the direction of BNF.
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