Bank Nifty Weekly Analysis

Welcome to Bank nifty weekly analysis. I am sharing my BankNifty Technical analysis for coming Monday 12th April 2021.

So this is my BankNifty analysis which I've already shared on the Trading View website.

On the chart, Right now BankNifty is at its strong support zone. there is no strong selling pressure yet to break those levels. So the market can also reverse from its current level.

However, I am slightly bearish for the start of the week as sentiments are building quite rapidly for a crash due to consistent rise in COVID. also that support level has been tested multiple times so there might be some chances that this support level would break. breaking this support level will take the bearish rally to 31900 and below.

Also, If we see the Bank Nifty on a bigger timeframe,

As you can see on the chart that the Bank Nifty is touching its major trendline on a bigger timeframe. In the coming week, we will get to see the further moves.

What do you think about this trendline, is it going to break or not?

My Bank Nifty analysis on a DAILY Timeframe,

On a daily chart of Bank Nifty, we can interpret Breakout & Retest scenario. as the price is consolidating at 0.236 Fibonacci level and the previous resistance which should act as a support now. Breaking 0.236 fib level will take Bank Nifty down towards 0.382 Fib level.

Thank you!

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