Profile: The Bank Nifty Index is an index comprised of the most liquid and large capitalized Indian Banking stocks. It provides investors and market intermediaries with a benchmark that captures the capital market performance of the Indian banks.
10 APR 2018
The longer term trend remains positive and even quite strong. Support has been found at the upper side of the cloud support and targets have not yet been met (@28325). In other words, the market still has leeway before some (complex) correction can be expected.
Why then is the intraday chart relatively questionable? Dynamics on the intraday chart (420-minute, so basically a detailed daily chart) more match that of a market phase after hitting a major target, not mid-trend. We’ll give the buyers the benefit of the doubt but do not trust the moves too much. Keep positions light and tight or avoid exposure if possible.
- Current trend: positive
- Outlook/expectations: feel strange, positive?
- Strategy: hold-long with trailing stops or avoid
- Support: 23970 / 21700-
- Resistance: 25200 / 27495 / 28325*
- Outlook neutralized: below 23970
420-minute intraday chart Banknifty (NSE)