Bank Nifty Futures Analysis- 20Feb2020

Bank Nifty futures will be strong above 31,000 and they will be weak below 30,800. Bank Nifty is currently in downtrend, and therefore, there is a constant selling pressure, which accelerates below 30,800.

Bank Nifty futures bounced back strongly from 30,300 level in the previous week, so that is a strong support level. There will be strong selling pressure below 30,500 and therefore, Bank Nifty is at a key level currently, and it does not have much space for consolidation or stabilization.

Bank Nifty futures are bouncing back strongly from lower levels but unable to hold on to their gains. This is because of the weak economic conditions in the background.

However, Bank Nifty futures weekly chart is in uptrend, and indicating bullishness, and there maybe an upmove in sometime in the coming 6-12 weeks for target 32,000.

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