Bank Nifty Analysis

For the monthly analysis of the BNF, it is showing strength for the upside movement and if it continues to move like this with volume then it will find the 25000 level very easily which is its 50MA where it will face resistance so it is not good for the sellers so sellers please be cautious and if it starts moving downward direction it will take support at 21000 ( where demand was created) if it also breaks then it will take its extreme support at 19950 100 MA.

According to the weekly charts BNF is in bullish mode as the strength of the demand side is visible strong. As it looks it will achieve the 24600 levels where it will face resistance and for the downside, it will take support at 21960 which is its 20MA and it closes above it for the 2 consecutive weeks.

For the daily charts, BNF is in bullish mode after the RBI'S MPC commentary where very positive news came for the real sector which is automatically good news for the NBFC'S so if it remains in the bullish mode then it will touch 24200 levels where it will face resistance but if it losses its strength then we can see a freefall and take immediate support at 23600 then 23300.

I hope this analysis will help you in the upcoming trading days and the week.
Thank you
Analysis by

Akshay Singh

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