Bank Nifty Technical Analysis

RBI policy is on 18 Dec and decision on rate cut will be out. bank Nifty is on a crucial juncture of make or break level of 12450. As discussed last week bank nifty was unable to close above the trendline resistance of 12540. Technically till 12540 is not crossed pullback till 12200 is very much on cards.

Bank Nifty Daily Chart

Bank Nifty crossed its long term trendline resistance of 12250 and closed above it on weekly basis, now 12250-12300 will become the support for Banknifty as seen in last week  fall. Resistance now comes at 12540 and unable to cross the same  pullback should be expected from that level.

Bank Nifty Fibo Fan Chart

As per Fibonacci Fan theory 12300...

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