We are tracking and following the Bank Nifty moves from the last couple of weeks. You can see all past post here.
In the last post, we discussed. The range of 27250-27000 in Bank Nifty is critical support area & from there we can see buying.
Additionally, we also discussed on major Cycle in Bank Nifty Index getting culminated. So, the expectation for change in trend is more.
After our last post-Bank Nifty breaks below the 27250-27200 support range & gave EOD close below it.
The analysis in terms of Price gets wholly revoked. However, if see the things from the Cycles point of view then we saw the change in trend.
Now moving ahead Bank Nifty can show more rise in coming days on holding above 28066 levels. Above 28066 Bank Nifty major hurdle will be around 28480-28545 range.
In the above chart, I’ had shown the areas where Bank Nifty had taken significant resistance and continues its fall.
By using the same analysis now, 28480-28540 is the vital zone. If Bank Nifty fails to cross this hurdle, then again lower levels can be seen.
The next Cycles for Bank Index now will come around mid of September. The month of September will be crucial for the Bank Nifty from Gann analysis point of view.
Note: Above mention Price projection & other Information are for educational purpose only.
After 1000 points, correction bulls got the support near august month low. But the road ahead for bulls stands still hard.