On EOD charts bank nifty has made a doji - suggesting an indecisiveness of trend. However, if we take a broader horizon, at 9038 bank nifty has closed a little below a 6 month old trendline.
The daily momentum indicators are looking at peak, with stochastics and MacdH in the OB zone. Add to it, the price candle has moved away from its 5 EMA. Thus, it wouldnt be surprising to see bank nifty correct to refresh the indicators.
If on closing basis, bank nifty manages to breach this trendline and its prev days high of 9095, the tgt to look out for will be 10k or above.
However, if this resistance is not broken, bank nifty may keep moving in the channel it is currently in with a downside support at approx 8150-8200 and upside at 9000-9050.
Looking at the weekly charts, and the strength the momentum indicators, moving avgs and price aaction is indicating, it seems likely that bank nifty will manage to break this resistance and reach its prev all-time high.
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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