Nifty Bank
The Nifty Bank Index is currently range-bound between the levels of 51,375 and 51,175. A breakout or breakdown from this range will likely trigger momentum in the respective direction. If the index trades above 51,375, it will signal the start of a bullish move, with the next resistance levels to watch for at 51,500, 51,650, and 51,950. These are potential target levels where traders can aim to book profits or reevaluate their positions. A sustained move above these levels would indicate further strength in the index. On the flip side, if the index trades below 51,175, it will likely trigger a bearish trend in the near term. In such a scenario, the next support levels would be around 51,000, 50,850, and 50,650. These levels will act as crucial points where buyers may step in, and traders can watch for potential rebounds or further downside pressure. The best trading strategy for now would be to wait for a breakout or breakdown of the defined range and then trade accordingly in the direction of the move. Traders can set their stoplosses appropriately based on the range being violated.
Nifty Private Bank
(Disclaimer: Ravi Nathani is an independent technical analyst. Views are his own. He does not hold any positions in the Indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security. It should not be construed as a recommendation to purchase or sell such securities.)
First Published: Sep 11 2024 | 6:26 AM IST