Bank Nifty Technical Outlook for 3 June, 13

Bank Nifty Weekly Chart - 12475.65 (-293.70)

Bank Nifty Weekly Chart – 12475.65 (-293.70)

Bank Nifty Daily Chart - 12475.65 (-330.25)

Bank Nifty Daily Chart – 12475.65 (-330.25)

Bank Nifty managed to outperform the market, but due to lack of support from other members it has give up; or you can say others have pulled down. According to Dow Theory, divergence in main indices is a signal to turn alert.

Technical observations from attached chart of Bank Nifty.

  • Last week begin with extreme optimism in market players, that current fall is nothing but just retracement and market will turn positive again; and actually it happened, Monday Bank Nifty moved with enthusiasm and gave positive close. But this euphoria proved short sighted because Bank Nifty struggled to move higher above previous major swing high of 12972, and finally it started giving weak closes.

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