Bank Nifty Report

Technical outlook

Bank nifty weekly chart has formed "Megaphone chart" pattern. The last few sessions ended up in sideways momentum along with some corrections inside the channel. The market is expected to continue on bearish momentum further based on current price action, once the same breaks below a key support holding at 20550. The downside rally could be testing up to 20000 levels. Alternatively, if the market opens on gap up based on SGX data, then the trend would most likely to revise to bullish/sideways mode once again. Key resistance holds at 21800.

Technical outlook

Bank nifty daily chart has formed “Rising wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 31900. The downside rally could be testing all the way up to 31700-31500 level in upcoming sessions.  Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 32400 level. Key resistance holds at 32400.

Technical outlook

Bank nifty daily chart has formed “Rising wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, testing all the way up to 31600-31800 levels in upcoming sessions. Alternatively, if the market breaks below a key support holding at 31150 then it might turn bearish once again. The downside rally could test up to 30800 level. Key resistance holds at 31800.

Technical outlook

Bank nifty daily chart has formed “Rising wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 31500. The downside rally could be testing all the way up to 31300-31100 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 32000 level. Key resistance holds at 32000.

Technical outlook

Bank nifty daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, testing all the way up to 29700 level in upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 30200 then it might turn bullish once again. The upside rally could test up to 30500 level. Key support holds at 29700.

Technical outlook

Bank nifty daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 28950. The downside rally could be testing all the way up to 28700-28500 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 29600 level. Key resistance holds at 29600.

Technical outlook

Bank nifty daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 29550. The upside rally could be testing all the way up to 29800-30000 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 28900 level. Key support holds at 28900.

Technical outlook

Bank nifty daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 29550. The upside rally could be testing all the way up to 29800-30000 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 28900 level. Key support holds at 28900.

Technical outlook

Bank nifty daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 27850. The downside rally could be testing all the way up to 27600-27400 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 28600 level. Key resistance holds at 28600.

Technical outlook

Bank nifty daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum, once the same breaks below a key support holding at 28250. The downside rally could be testing all the way up to 28000-27700 levels in upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 29000 level. Key resistance holds at 29000.