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gmaster29

Bank Nifty - Key Support Level - Bounce or Break Down?

Nifty Bank Index (NSE:BANKNIFTY)  
gmaster29 Updated   
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Chart Patterns india niftybank
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trendanalysis chartpattern india niftybank
Bank Nifty has been in upwards bullish channel since April 2021. Currently its at key Support level - Channel lower trend line. It can either bounce back (Green line) to test upper channel trend line or break down (red line) to test support levels marked in green. Its still in bullish trend, high chances to bounce back up.
Comment:
BANK NIFTY broke two of the support lines that I marked earlier 37753, 36885 today. Couple of more down day, will shift short term trend bullish to bearish and soon try to test the other support levels at 35780 and 34820 in next few weeks. For the bullish trend to continue, NIFTYBANK needs to get back into the Parallel Channel.
Comment:
Targets 35780 and 34820 will be achieved sooner.
Trade closed: target reached:
35780 target achieved, soon it will test 34820. Long term investors can start accumulating with small positions at these levels.
Trade closed: target reached:
NIFTYBANK breached the 34820 target today.
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