Bank Nifty has had a one sided move. It was around 21,000 in end September and currently it is close to 30,000. That is a 9000 point move in 2 months. How long will this trend continue?
See the chart – there is a trendline going back to 2018. The trendline has worked well as a Support for the move in the past. Once it broke in March 2020, Bank Nifty crashed big. Now it is testing the trendline. What was once Support, works well as Resistance. This is the golden rule of Technical Analysis. So let us track this area. It is possible that Bank Nifty stalls here for some time.