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Prabhudas Lilladher Pvt. Ltd.         

BSE BANKEX DAILY CHART: Since November 2023, Bankex have maintained and trading above the 200 DMA zone with recently making a higher bottom formation on the daily chart with strong support established near the 200 DMA zone of 50700 levels. After making a high of 53750 levels given a short correction, has taken support at 61.8% retracement level of 51800 and is trading above 20 DMA level of 52400. Bankex is consolidating in the symmetrical triangle pattern and a decisive close above 53500 will give a falling trend line breakout after long consolidation and can go to 60000–63000 levels in the coming days. The RSI, after consolidating for quite some time is on the rise signaling a buy and is well placed with immense upside potential visible from current levels. The risk-reward ratio is favorable and the chart looks very attractive.

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