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

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