Nifty Today Live: Bajaj Broking shares Bank Nifty Outlook
Index snapped its two sessions decline and closed higher by more than 0.5% to close around the 58,000 levels. In the daily chart it has formed a bullish candlesticks pattern with a higher high and a higher low highlighting buying demand around the recent breakout area.
Going ahead, a move above last week high of 58,700 will open further upside towards 59,200 and 60,000 level in the coming weeks, being the 138.2% external retracement of the previous decline from 57,456 to 52,783. Failure to move above last week’s high is likely to keep the index consolidating within the 57,000–58,500 range.
The lows of the last two weeks are almost identical around the 57,000 mark, making it a crucial short-term support level. The overall bias remains positive, hence the current breather should be used to accumulate quality banking stocks in staggered manner for the next leg of up move.
