Bank Nifty today moved within range of 200 points and was volatile due to uncertainty of US market reaction today to failure of Health bill passage on Friday. It opened minor gap up, made high of 20179 and corrected sharply making low of 20979. Bounced back to 20138 and finally closed at 20156.
Prices need to break parallel(brown) channel for next trend to emerge. Till then it would be range bound movement within channel. Today again Bank Nifty closed below 21100 so possibility of further down move tomorrow is high.
Tomorrow above 21080 target is 21170/20276. Below 21030 target is 20940/20820.
Inside Pitchfork(IP):
Breaking 1 SD upper line will be breakout for Bank Nifty and index will move quickly to 21800/22500. Breaking 20400/20350 will be bearish and can lead to 19500.
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