For the past 2 weeks, BankNifty has formed some sort of doji candle on weekly charts, and this week is no different. This indicates high volatility and indecision in BankNifty. I do trend analysis, and currently, the BankNifty chart is indicating that bulls can expect some relief in BankNifty in the upcoming week. But things can change very fast due to ongoing global tensions.
Let’s discuss the Bull Bear case scenario.
Bull case: If banknifty crosses and sustains above 51,969 then we can expect uptrend to continue upto 53,464 to 53,833.
BEAR CASE : If banknifty breaches 51,047 then we can expect further down move upto 50,069 to 49,609.
All levels are marked in the chart posted , Do check it out and do follow for genuine trend analysis!!