BANKNIFTY BREAKS 200 SMA AFTER 80 DAYS

BANKNIFTY (51704.00) gained 1111 points (2.2%) in day session closed on 24th march, bank index has given closing above 200 SMA after 80 days, it was trading above 200 SMA last on 3rd Jan 2025,

leads te index with 4.67% intraday rally, other bank were also in uptrend gained 4.32%, was up by 3.66%, while and gained more the 3%, other private sector banks like , and was in top gear, only was only looser in to the sector day ending 24th march. while observing bank nifty day chart we have got a double bottom pattern, with bottoms of around 48700, neck line is placed around 50650 that has been broken today, as per double bottom our target should be around 53650 with stop loss of 50000, it means we may see further upside rally in bank nifty again. Disclaimer- above views are only for information purpose.