Bank Nifty-Weekly Views
The Bank Nifty managed to post a new ATH. Past week saw a range 750+ points of consolidation. The components displayed mixed action on individual stocks We see the Index continuing to move in a channel with top at 44200 and lower end at 42600. Till we see a close below 42600 the trend is considered as bullish. The Bank Nifty has achieved the first Fib projection of 43400 and the next target is 44960. When and how is the question. Will there be a pullback prior to this? However, there may be hurdles at 43600-43800 range. This week is crucial to see whether the Bank Nifty breaks the barrier and makes another new high or breaks down. We can assume that the trend still remains positive till we see a close below the trend line support at 41900. It appears that the Bank Nifty is likely to continue in a wider range of 42600-44200 with 43200 as pivot and a breach and close above or below could see the next range of 800 points. For now, Bank Nifty continues to be in a trading range. A daily close outside the broader range indicated above would require re-evaluation. It is worth noting that for any correction first requirement would be a daily close below 42700.
Note: Though the market has not seen any major sell-off in this segment, a bit of slowdown in the pace of advancement and a tuff barrier seen around 43500-800 range. Need to exercise caution. Possible that the valuation of PSU banks still not very attractive for dis-investment arguments.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
Note: Though the market has not seen any major sell-off in this segment, a bit of slowdown in the pace of advancement and a tuff barrier seen around 43500-800 range. Need to exercise caution. Possible that the valuation of PSU banks still not very attractive for dis-investment arguments.
Disclaimer: The views expressed here are personal and not connected to SYFX Treasury Foundation. The views are for learning and reference purpose only.
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.
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.