5 Steps Analysis of BANK NIFY:
1. On Daily TF wee can see that Bank Nifty From last 2 weeks traded below trendline.
2. From April we had seen a strong rally in Banking Sector and follow a trendline well but from 5th may we had seen the bank nifty has broken the trend line and still traded below the trend line.
3. Momentum is Still strong but the volume is not supportive well for further upside.
4.On Friday Bank nifty has made Dragonfly Doji which has required confirmation candle on Monday, if on Monday give upside closing then again in coming week we can see at new high or if bank nifty give downside closing then trend going to change uptrend to down trend.
5. Important levels of Bank nifty is at upside 44000 if it gives at closing on Monday at 44000 then next move we van see at 44100 to 44250 and if bank nifty break the 43500 levels the further downside we can see at 43300 in coming week.
1. On Daily TF wee can see that Bank Nifty From last 2 weeks traded below trendline.
2. From April we had seen a strong rally in Banking Sector and follow a trendline well but from 5th may we had seen the bank nifty has broken the trend line and still traded below the trend line.
3. Momentum is Still strong but the volume is not supportive well for further upside.
4.On Friday Bank nifty has made Dragonfly Doji which has required confirmation candle on Monday, if on Monday give upside closing then again in coming week we can see at new high or if bank nifty give downside closing then trend going to change uptrend to down trend.
5. Important levels of Bank nifty is at upside 44000 if it gives at closing on Monday at 44000 then next move we van see at 44100 to 44250 and if bank nifty break the 43500 levels the further downside we can see at 43300 in coming week.