Bank Nifty to target levels of 46500.
“Bank Nifty?also witnessed a bounce from the cluster of 45670–45700 where support parameters in the form of the 38.2% Fibonacci retracement level and the 40-hour moving average were placed. The fall as well as the rise on the hourly time frame are overlapping in nature which gives us a sense that the Bank Nifty is undergoing a corrective phase that is not over yet. Once this consolidation phase is over, we can expect the uptrend to resume and expect it to target levels of 46500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.