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Bank Nifty short term view

Scheduled Pinned Locked Moved Charts
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  • R Offline
    R Offline
    Raju Ranjan

    Pro User

    wrote on last edited by
    #1

    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.

    01 July Nifty bank.png

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