Market Wrap Up :Bank Nifty initially showed a mild positive start to the week Says Mr. Rajesh Bhosale, Angel One
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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