AS COMPAIRED TO NIFTY, BANK NIFTY IS WEAK. HOWEVER IT IS STILL IN THE UP TREND. BROADLY THIS INDICES IS TRADING IN THE RANGE OF 21600/700 - 23500/800.
CURRENTLY IT HAS A VERY STRONG SUPPORT AT THE RANGE OF 22250 AND 22000, WHICH ALSO HAPPENS TO BE 0.382 AND 0.5 FIBONACI RETRACEMENT LEVELS. THIS ARE THE KEY POINTS. ONCE THIS IS BREACHED AND CONSTANTLY START TRADING BELOW THIS LEVEL, IT WILL VERY SOON HIT THE LEVEL OF 21750/600, WHICH IS UNLIKELY TO BE BROKEN UNTIL SOMETHING VERY NEGATIVE HAPPEN
PERSONALLY, I BELIEVE, BANK NIFTY WILL BOUNCE BACK FROM 22100/22250 LEVELS AND MOVE TOWARDS 23000. THE UPPER RESISTANCE IS 22800 WHICH IS TECHNICALLY WEAK THUS IF THE MARKET SUSTAIN THIS LEVEL, IT WILL IMMEDIATELY MOVE TOWARDS 23000.
CURRENTLY IT HAS A VERY STRONG SUPPORT AT THE RANGE OF 22250 AND 22000, WHICH ALSO HAPPENS TO BE 0.382 AND 0.5 FIBONACI RETRACEMENT LEVELS. THIS ARE THE KEY POINTS. ONCE THIS IS BREACHED AND CONSTANTLY START TRADING BELOW THIS LEVEL, IT WILL VERY SOON HIT THE LEVEL OF 21750/600, WHICH IS UNLIKELY TO BE BROKEN UNTIL SOMETHING VERY NEGATIVE HAPPEN
PERSONALLY, I BELIEVE, BANK NIFTY WILL BOUNCE BACK FROM 22100/22250 LEVELS AND MOVE TOWARDS 23000. THE UPPER RESISTANCE IS 22800 WHICH IS TECHNICALLY WEAK THUS IF THE MARKET SUSTAIN THIS LEVEL, IT WILL IMMEDIATELY MOVE TOWARDS 23000.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.