BANK NIFTY (15/04/2020) TECHNICAL ANALYSIS (CHARTING)
For the last two trading session, Bank Nifty has been trading range bound. Following Technical analysis provides a better idea to how BANK NIFTY can trade on 15/04/2020 i.e. which depends on several factors like:
1. Adverse affect of the extension of the LOCKDOWN in the countries.
2. How the market across the world behaves.
3. Any financial packages announced by the union government on 15/04/2020.
4. Quarterly reports of several companies. Example - Wipro going to announce on 15/04/2024
So, As per my analysis, Bank Nifty if breakouts above 9951(approx 20000), One can see an uptrend in the BANK NIFTY. If BANK NIFTY breaks the lower thin support of 19160(approx 19100), One can see a down trend in the Bank Nifty.
Technical Analysis shows:
Resistance 1: 21300 - 21400
Support 1: 18350 - 18450
Support 2: 17100 - 17200
AVOID TRADING WHILE BANK NIFTY IS IN RANGE BOUND MODE.
1. Adverse affect of the extension of the LOCKDOWN in the countries.
2. How the market across the world behaves.
3. Any financial packages announced by the union government on 15/04/2020.
4. Quarterly reports of several companies. Example - Wipro going to announce on 15/04/2024
So, As per my analysis, Bank Nifty if breakouts above 9951(approx 20000), One can see an uptrend in the BANK NIFTY. If BANK NIFTY breaks the lower thin support of 19160(approx 19100), One can see a down trend in the Bank Nifty.
Technical Analysis shows:
Resistance 1: 21300 - 21400
Support 1: 18350 - 18450
Support 2: 17100 - 17200
AVOID TRADING WHILE BANK NIFTY IS IN RANGE BOUND MODE.
Comment:
BANK NIFTY Reversed back from it's resistance 1 and closed at 19120. Further, for the next trading session, please check my latest idea of technical analysis of BANK NIFTY for Thursday (16/04/2020)