Bank Nifty short term view
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Last week, as anticipated, the NIFTYBANK index underwent a consolidation phase within a defined
range. During this period, a significant pattern emerged in the form of 4 column triangle,
indicating the possibility of a breakout in either direction. It is worth noting that the breakout was
contingent upon a price surpassing the 44,000 marks.
As predicted, the breakout occurred above the critical level of 44,000, leading to a resumption
of the uptrend. The subsequent movement witnessed a substantial gain of approximately 700
points in the direction of the prevailing trend
Looking at the current chart setup, the NIFTYBANK index remains firmly bullish. A noteworthy
development is the breakout of a previously bearish 45-degree trendline. This breakthrough
further strengthens the bullish case for the index, signaling the potential for sustained upward
momentum.
In terms of support and resistance levels, the short-term support for the NIFTYBANK index is
expected to lie in the range of 43,300 to 43,400. On the upside, short-term resistance is
anticipated between 45,400 to 45,500.
