#BANKNIFTY - Break of 21100-21500 level & Bullish move coming?

Nifty Bank Index (NSE:BANKNIFTY)

NSE:BANKNIFTY Nifty Bank Index

trendanalysis chartpattern banknifty bankniftytrend

BANKNIFTY

The resistance zone shown in red on Bank-Nifty has been tested close to 5 times till date and would have probably turned quite weak.
If we break above this resistance zone and hold above it, then we should see a good rally as sellers who would have been trying to defend the zone would be defeated.

Overall global market cues have been positive. Thus, we can expect another re-test of the zone coming soon (unless global markets/cues become negative).
A rally in Nifty could also help Bank-Nifty rise up and vice-versa.

For the time being, it's a bit difficult to gauge if Bank-Nifty will keep moving up or show some retrace (since it has risen up considerably over the past few days).
Trade Safe!

Daily RSI
BANK-NIFTY - 60 ( Leaning Bullish)

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