Bank Nifty Technical Chart

Index Name: Bank Nifty

Analysis Date: 20 Jan 2019

 

Action : Short Sell

Duration: 1 week to 3 months


Technical chart of Bank Nifty suggests wait and watch  strategy by closing the  candle at one day above and below the daily time limit, which is enough to understand the behavior of the market instead of aggressively trade.

Currently bank nifty having raising wedge and pennant pattern, once break Short sell will be activated and target will be nearest support 26800-26100.It is  due to upcoming market sentiments, if sentiments are good, then bank nifty will recover from support level to max 27500-28200 level, then sharp down will be possible otherwise take support at 24000-23800

Indices and stocks having more volatility that the reason more chances go down so sell on rise with strict stop loss.

Resistance levels are:
27117    27386    27594    27803    28101    28480

Support Levels are:
26957    26869    26550    26462    26302    26033


Upcoming levels and scenario will update as per market

Note:
Stock market is subject to market risk. This analysis is education purpose only. Its opinion, buy-sell it’s your choice.