The Nifty has shown a clear turnaround with a double bottom pattern and has broken past the 23,800 level. This strong move is mostly thanks to the banking sector, especially with great Q4 results from HDFC Bank and ICICI Bank.
The Bank Nifty, now trading just below its all-time high, might struggle near 55,000—a zone that previously triggered a pullback, leading to consolidation in the broader market.
For Nifty, the immediate resistance is seen at the 24,000 level, where significant call writing activity may pose a hurdle. On the downside, a breach below 23,500 could signal a potential reversal, dragging the index into a downtrend once again.
The Bank Nifty, now trading just below its all-time high, might struggle near 55,000—a zone that previously triggered a pullback, leading to consolidation in the broader market.
For Nifty, the immediate resistance is seen at the 24,000 level, where significant call writing activity may pose a hurdle. On the downside, a breach below 23,500 could signal a potential reversal, dragging the index into a downtrend once again.
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🌐 goodluckcapital.com
🎖️ SEBI registered INH300006582
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📈 Trading and Investment Advice
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🎖️ SEBI registered INH300006582
🎖️ CMT(usa) & CFTe(usa) chartered
🎖️ NSE certified professionals
📈 Trading and Investment Advice
t.me/GoodluckCapital
🤝 Contact Us
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.