After underperforming, Nifty for quite a while now; Banknifty has given a breakout on Friday after the monthly expiry of June series. Now in coming months what can we expect from Banknifty?
This is the daily chart of Banknifty where we can see that after breaking out from the B point of Crab pattern, it smoothly retested and started moving up and also slashed the Descending trendline.
Further, we can expect Banknifty to reach the Target of point D of this pattern which is at 42222 and if that happens we can see Banknifty outperforming Nifty for coming months.
Pattern invalidation – DAILY close below point C (32055).
June series price action was very volatile in Banknifty but June series top and bottom was well estimated by us as shown in the above chart and now we’re completely bullish on Banknifty and expecting HH and HL with good momentum.
Bank bees look very attractive here at this point for medium term investing for a target of 417- 420.
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Disclaimer- This post is for educational purposes only kindly consult your financial advisor before taking any decisions we’re not liable for anyone’s profit and loss.
PEACE.
Wow, nice to read your views on BNF soly the higher end targets for the bullrun to complete. Aggressive targets create an atmosphere to learn and explore a lot more.
Indeed, Thankyou.
I’m convinced that BankNifty wud touch 42222 in ensuing weeks and propel Nifty to scale to 17-18K
Indeed sir.
Superb analysis
Thankyou sir.