Nifty Bank IndexShort
Bank Nifty | Pre-Market Report | 23 Dec ~ 27 Dec 2024
Bank Nifty too has been massacred by the brutal selling last week!
If we look at the weekly chart, the weekly candle close has wiped out almost the last one month of Buying in a single blow!
However, Bank Nifty still seems the stronger of the two indices when compared to Nifty.
For the upcoming week, Bank Nifty seems likely to trade between 52,900 & 49,700
The sentiment would be Sideways to Bearish.
Option sellers could benefit from Straddles on a Weekly Expiry basis.
Option buyers should look for reversals at boundaries for best risk reward opportunities.
Presently Bank Nifty is at the crucial strong support zone line a Weekly Charting basis which is also the 50-Week Moving Average zone.
For now, it is advisable to trade these boundaries and see how Bank Nifty plays out in the coming weeks.
If we look at the weekly chart, the weekly candle close has wiped out almost the last one month of Buying in a single blow!
However, Bank Nifty still seems the stronger of the two indices when compared to Nifty.
For the upcoming week, Bank Nifty seems likely to trade between 52,900 & 49,700
The sentiment would be Sideways to Bearish.
Option sellers could benefit from Straddles on a Weekly Expiry basis.
Option buyers should look for reversals at boundaries for best risk reward opportunities.
Presently Bank Nifty is at the crucial strong support zone line a Weekly Charting basis which is also the 50-Week Moving Average zone.
For now, it is advisable to trade these boundaries and see how Bank Nifty plays out in the coming weeks.
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