- April 22, 2021
- Posted by: malay.gandhi70@gmail.com
- Categories: Articles, News
Bank Nifty recovered from Day lows of 30555 to engulf the previous days entire candle to close above yesterdays high of 31731.65 and closed at 31782.6. This marks the first entry of BULLS in the current setup. Going forward 32613.1 is going to be a crucial and important level, a close above 32614 on Spot levels will confirm the resumption of bullish trend on Bank Nifty for targets of41750. On the downside a break below 29687.7 will negate the bullish outlook.
A lower high on Usd Inr @75.43 and a break below the recent low of 74.28 will be supportive for Bank Nifty.
INDIA VIX @23.02 also failed to close beyond 23.31, which is supportive for BULLS.
IN SHORT THER IS HIGH PROBABILITY THAT WE COULD HAVE HIT THE BOTTOM TODAY FOR BANK NIFTY, A CLOSE ABOVE 32614 COULD IGNITE THE FIRE IN BANKING STOCKS.
Top Pick in the Private Banking Space is ICICI BANK, Which is showing strength from the Break out levels of 552.The support for the stock are place at 552/531/512. The short term targets for the stock are 596/638/648/679.
1 year target at 836 which Implies 44% upside for 1 year horizon. A break below 512 will negate the view.
