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. In coming day’s by holding 27240-27130 range, we can see a rise in the Bank Nifty Index. We need to watch this range for the further clue about the trend of Bank Index.
The Bank Index after our last post has moved up almost 1000 points.
But it did not allow entering in this rally, as after our post NO dip came near the mentioned support area.
Now again today Bank Nifty has hit the almost same BUY area from where it bounced last time.
In this week we should carefully watch the Price action near 27400-27300 if dip comes till that level.
The range of 27250-27000 is looking secure support area, as per larger time frames.
Additionally, like in Nifty Index, this week one major cycle is getting culminated.
The same combination is happening in Bank Index also. So, we can expect a Bounce or some good rise in the Bank Nifty Index in the coming days.
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The below Bank Index chart of 5 min time frame is showing all the opportunities of this week till now.
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The indices rallied last week, favored by a surge in banking stocks. A Clear sign a big upside was already