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Charts show bullish trend for Nifty Private Bank in near-term: Ravi Nathani

According to technical analyst, the Nifty Private Bank index exhibits a bullish trend in the near term, but traders must exercise caution and wait for decisive breakout before taking any new position

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis
Ravi Nathani Mumbai
2 min read Last Updated : Mar 08 2023 | 7:49 AM IST
Nifty Private Bank
Last close: 21,022.93

The near-term trend of the index is bullish, but it has already achieved its near-term target. For fresh buying to emerge, the index must break out above 21,280, and the target after such a breakout would be 21,700.

Therefore, traders should consider booking profits during rallies with a stop loss set at 21,280 since fresh buying is expected only after the index breaks out above this level.

In terms of support, the index is expected to find it between 20,400 - 20,500 on the lower side. It is important to keep an eye on the market and wait for a breakout above the level of 21,280 before initiating any fresh buying. Until then, traders should book profits at rallies and set a strict stop loss of 21,280.

Overall, the Nifty Private Bank index is showing a bullish trend in the near term, but traders should exercise caution and wait for a decisive breakout before taking any new positions. The support levels on the lower side will provide some cushion to the index in case of any pullbacks.

Nifty PSU Bank
Last close: 3,961.20

The near-term trend is bullish, however, the index has reached its near-term targets. It is recommended for traders to book profits on any upward movement in the near term, with a strict stop loss of 4,100.

On the downside, the next support level on the charts is expected around 3,750 - 3,680. Traders should keep this support level in mind while trading and adjust their strategies accordingly.

In conclusion, it is suggested that traders book profits on any rally with a stop loss of 4,100, as the next support level is expected around 3,750 - 3,680.

(Ravi Nathani is an independent technical analyst. Views expressed are personal).

Topics :Market technicalsstocks technical analysisNifty Bank Nifty Private Sector BankNifty PSU Bank

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