BANK NIFTY:Though it moved from 42600-43600 the candle pattern was not at all convincing as in the last 3 days it managed to form DOJI Pattern-sign of indecisiveness and tug of war between Bulls and bears.
But todays candle stick pattern looks more convincing as the bearish gap got filled and Bank Nifty managed to form a solid bullish candle. Rounding bottom in hrly charts indicates if bank nifty manages to hold 43700 the likely next level targets are likely to be around 44000/44300/44600.Till it holds 43700 i will be a buyer on dips for a positional target of 43500(Buy on dips).
Call unwinding at 43500 levels also suggests shifting of support to higher levels(For educational purpose only)
But todays candle stick pattern looks more convincing as the bearish gap got filled and Bank Nifty managed to form a solid bullish candle. Rounding bottom in hrly charts indicates if bank nifty manages to hold 43700 the likely next level targets are likely to be around 44000/44300/44600.Till it holds 43700 i will be a buyer on dips for a positional target of 43500(Buy on dips).
Call unwinding at 43500 levels also suggests shifting of support to higher levels(For educational purpose only)