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Bank Nifty For Week Starting Feb 27

Last week Bank Nifty sustained above 20400, faced resistance at 21000 level and closed above 20800 . This week Bank Nifty may consolidate or may correct up to 20700 before it again start its up move that may easily cross 21100/21800 and go up to 22500/23300 in coming weeks as weekly/monthly chart shows possibility of further up move as Bollinger Bands are expanding.
Daily chart shows formation of Doji (Gravestone) candlestick pattern that suggest possibility of reversal or halt of ongoing bullish trend. Also RSI is in overbought stage. Hence, possibility of consolidation/correction is very high.
Bank Nifty may correct to 20700, breaking 20700, it may further correct to 20480/20400. Break of 20400 will be bearish and it could be reversal of the Bullish trend started from Dec 26, 2016.
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