BankNIfty Weekly Analysis
In the month of July, the BNF (Bank Nifty) showed an impressive rally, demonstrating strong market performance. However, during the last week of July, there was some profit booking observed, leading to the emergence of a red candle on the weekly chart. This red candle covered more than 50% of the previous big green candle, indicating a potential shift toward negativity in the market.
Based on the description for the coming week (August 1st week), if the BNF (Bank Nifty Futures) breaks below 45238, there is expected to be a sharp selling pressure towards 44722, with the next immediate support level at 44115. On the upper side, 45666 will act as a major resistance level for the market. However, if the BNF manages to break above this resistance, 46071 will be the next significant resistance level. In the range between 46071 and 45238, the market is anticipated to consolidate with a negative bias and experience significant volatility.
Based on the description for the coming week (August 1st week), if the BNF (Bank Nifty Futures) breaks below 45238, there is expected to be a sharp selling pressure towards 44722, with the next immediate support level at 44115. On the upper side, 45666 will act as a major resistance level for the market. However, if the BNF manages to break above this resistance, 46071 will be the next significant resistance level. In the range between 46071 and 45238, the market is anticipated to consolidate with a negative bias and experience significant volatility.
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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.