#BANKNIFTY - Break of 21100-21500 level & Bullish move coming?
BANKNIFTYThe resistance zone shown in red on Bank-Nifty has been tested close to 5 times till date and would have probably turned quite weak.
If we break above this resistance zone and hold above it, then we should see a good rally as sellers who would have been trying to defend the zone would be defeated.
Overall global market cues have been positive. Thus, we can expect another re-test of the zone coming soon (unless global markets/cues become negative).
A rally in Nifty could also help Bank-Nifty rise up and vice-versa.
For the time being, it's a bit difficult to gauge if Bank-Nifty will keep moving up or show some retrace (since it has risen up considerably over the past few days).
Trade Safe!
Daily RSI
BANK-NIFTY - 60 ( Leaning Bullish)
If you found the article useful -
HIT LIKE & FOLLOW FOR MORE. ALSO, LET ME KNOW YOUR THOUGHTS IN COMMENTS BELOW
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.