Bank Nifty Could Move Higher

Monthly Chart 

 Weekly Chart 

Daily Chart

A hammer followed by a gap up on the last trading day which ended with a huge bullish candle should make the bulls optimistic for some more run up.

 

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Lakshmi Ramachandran

Cautious till 11794 is Felled

Monthly Chart 

 Weekly Chart  

Daily Chart 

Hourly Chart

Nifty could continue the pullback. But till 11794 is crossed be cautious !

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Lakshmi Ramachandran

Weakness Persists in Bank Nifty

Weekly Chart 

 Daily Chart 

 Hourly Chart

Bank Nifty has already retraced around 55% of the rise from March lows showing bear strength.A fall below the 61.8%  level of 19598 will probabaly lead to make fresh lows.

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Lakshmi Ramachandran

Downtrend confirmed

Weekly Chart 

 Daily Chart 

 Hourly Chart 

The pullback on the last trading day will hit strong resistance in the 11100 to 11200 area as marked in the chart below.

Hourly Chart showing Resistance

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Lakshmi Ramachandran

Range Bound Markets

Weekly Chart 

 Daily Chart 

Hourly Chart 

Bank Nifty Weekly Chart

Bank Nifty Daily Chart

The sideways move on Nifty could break out either way.Bank Nifty is clearly drifting down within the range. 

 I would continue to be cautious. 

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Happy Trading !! 

Lakshmi Ramachandran