Bank Nifty short term view
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As we mentioned in our previous week post, the NIFTY Bank chart setup was neutral, indicating
a potential pause in the uptrend or price consolidation. We are pleased to inform you that this
view has proven accurate, as the NIFTY Bank has formed a triangle pattern on the point and
figure chart.
The current chart setup for the NIFTY Bank remains neutral. However, we would like to highlight
two important levels to monitor closely. A close above 44,310 would suggest a resumption of the
bullish trend, while a close below 43,780 would indicate a potential reversal in the trend.
In terms of short-term levels, we have identified key support and resistance areas. The NIFTY
Bank is expected to find support in the range of 43,200-43,300, which could serve as a floor for
the price. On the other hand, resistance is anticipated around 44,500-44,700, where we might
observe increased selling pressure.
