Market Wrap Up :Bank Nifty initially showed a mild positive start to the week Says Mr. Rajesh Bhosale, Angel One
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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd
Bank Nifty initially showed a mild positive start to the week, but quickly reversed its gains after opening. Throughout the session, the high beta index experienced choppy movement within a 100-point range. Eventually, prices ended flat just below 43650.
From a technical standpoint, there haven't been significant changes. Prices continue to trade within a range, forming consecutive small-body candles on the daily chart. The range is coiling between the 20EMA and 50SMA, indicating a potential imminent breakout. The market appears to be awaiting a trigger that could lead to strong momentum moves. The zone of 43300-43500 has served as a rock-solid support level for over a month. Conversely, a descending trendline resistance is observed around 44000 levels. A breakthrough above these levels could initiate a momentum move. The RSI smoothened indicator, previously in an overbought zone, has gradually returned to the median. With a positive primary trend, it seems that prices are ready to resume the uptrend after the recent time-wise correction. Traders are advised to closely monitor these levels and adjust their trading strategies accordingly.
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