Angel Broking Pvt Ltd
Published on 22/05/2017 9:32:00 AM
Nifty Bank Outlook - (22770)
The Nifty Bank index traded in a range of 350 points during last week and ended with minor gains of 0.43 percent over its previous week's close.
On the weekly charts, the index has formed 'Doji' candlestick pattern in last two weeks, which indicates indecision amongst the minds of market participants. During these last two weeks, levels around 23000 had acted as a resistance for the index, and thus the bulls have a herculean task to take the index beyond 23000 to resume the uptrend. However, traders should note that the broader trend is up and hence, the advantage still remains with the bulls, inspite of last week's volatility. Hence, one should not pre-empt a significant corrective move unless the prices structure gives any definite signs. The index is expected to trade in the range of 22500-23000 and thus, traders should trade with positive bias with stop loss placed below 22500 on closing basis. The intraday supports for the Nifty Bank index are placed around 22628 and 22500 whereas resistance is seen in the range of 22900-23000
Please refer disclaimer at http://www.angelsecurities.in/disclaimer.aspx