Bank Nifty Write Up : However, the actual beginning was relatively steady, opening on a neutral note Says Rajesh Bhosale, Angel One Ltd
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Below The Quote on "Bank Nifty Write Up" by Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd
Once again, the US markets experienced a weak trading session overnight, and taking cues from there, the GIFT Nifty indicated a sluggish start. However, the actual beginning was relatively steady, opening on a neutral note. Nevertheless, prices swiftly declined thereafter, revisiting the low seen on Wednesday. In the latter part of the session, significant momentum was missing. Despite this, prices successfully held onto crucial support levels and concluded the session with a decline of around half a percent, settling at 19365.
From a technical perspective, there hasn't been a substantial shift. Prices persist in oscillating within a notably narrow range of 200 points. On the daily chart, the third consecutive candle has formed within the range of 19300 to 19500. Traders are opting for cautious positions on the index front, awaiting a catalyst for a momentum-driven movement. The aforementioned trading range is defined by two moving averages, with the 50 EMA defending prices at lower levels and the 20 EMA capping prices at higher levels. Given the intraday indicators indicating oversold conditions alongside positive divergence, we remain hopeful that the 19250 to 19300 range will be upheld in the context of the weekly closure. However, a breach beneath this range could potentially trigger further weakness in the short term, directing prices towards levels around 19000 to 18925. Conversely, the range of 19500 to 19650 poses a significant resistance, requiring a breakthrough to reignite a broad-based rally. Traders are advised to monitor these levels closely and, rather than being swayed by market movements, should engage within this range until a decisive momentum breakout occurs beyond the mentioned limits.
Furthermore, the trajectory of the market's future remains in sync with global market developments; hence, vigilant observation of these developments is crucial.
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