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Below The Quote on "Bank Nifty Write Up" by Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd

The week witnessed moves with a mixed bias but ultimately favored the bulls in the end. It started positively on Monday but price struggles at higher levels as the week progressed. A sharp sell-off occurred on Wednesday, extending into the following sessions, causing prices to dip to 43800 during the initial hours of Friday. However, a strong buying surge emerged from this point, leading to a 0.46% gain for the week, with prices closing at 44436.

While the week-to-week change may not seem substantial, the strong momentum observed on Friday, along with broad-based buying, indicates a favorable position for the bulls as they take the lead at the beginning of a new month. As previously emphasized, the 89EMA has proven its significance, with any dip toward the 43800 – 43600 range consistently attracting buyers. Going ahead, it appears that the bulls have regained their momentum. Nevertheless, it is advisable to await confirmation, particularly by closely monitoring levels around 44800 – 45000. A breakthrough from this range would confirm a resumption of the upward trend, potentially targeting the 45500 – 46000 and beyond in the September series. Traders are encouraged to keep a close eye on these levels and trade accordingly. In addition, many front-line counters showed outperforming signs and are now placed at lucrative levels post the recent correction. One can even focus on such opportunities for outperformance.

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