IDX:NIFTY BANK - 1096765
Technical outlook:
Bank nifty daily chart has formed "Rising channel" pattern. The last session ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once break below a crucial support holding near 21500. The downside rally could be testing up to 21150-20850 levels. Alternatively, if the market struggles to break the support level, then the prices would most likely to retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 22300.
Research Report Call:
Sell below 21500 target 21150-20850 stop loss TRAILING; If break above 21800 then Buy, target 22100-22300 stop loss TRAILING