In our previous newsletter, we correctly anticipated that a breakout above 45000 for NIFTYBANK
would signal a continuation of the current trend, and this view played out successfully. NIFTYBANK
managed to surge by nearly 1350 points in the previous week, validating the analysis.
Furthermore, on the relative strength chart, it is evident that NIFTYBANK has been outperforming
NIFTY50. This outperformance suggests that there is a strong possibility of NIFTYBANK continuing
to outperform in the days ahead.
The current chart setup of NIFTYBANK on the point and figure chart remains bullish with an anchor
column follow-through. This indicates sustained buying interest and positive momentum.
Additionally, there is a cluster of count opens, and as we mentioned before, the probability of
achieving this cluster of count is usually high, reinforcing the bullish sentiment.
For short-term traders, it's important to keep in mind that NIFTYBANK has immediate support in
the range of 44455-44666. On the upside, short-term resistance is seen in the range of 47199-