BANK NIFTY - Weekly outlook
If we were to ignore the encircled fake outs and fake downs along with the march 2020 crash (once in a decade).
Then we can clearly see that Bank Nifty is still inside the parallel channel and holding a very strong support (green line).
Currently, it has formed a doji, however the overall bear volumes are greater.
Any break down below the support (green line), can push Bank Nifty towards the lower end of the channel.
Fresh buying should trigger only around 38400 levels
If we were to ignore the encircled fake outs and fake downs along with the march 2020 crash (once in a decade).
Then we can clearly see that Bank Nifty is still inside the parallel channel and holding a very strong support (green line).
Currently, it has formed a doji, however the overall bear volumes are greater.
Any break down below the support (green line), can push Bank Nifty towards the lower end of the channel.
Fresh buying should trigger only around 38400 levels