OPEN-SOURCE SCRIPT
3 Bank Index
Speaking on the reason for Bank Nifty hitting record high, Saurabh Jain, AVP — Research at SMC Global Securities said, "Reason for a rally in Bank Nifty can be attributed to three major reasons — hawkish interest rate regime making overseas lending dearer for big corporates in comparison to Indian lenders, rising interest rate expected to improve margins of Indian banks and lowering of provisioning strengthening the balance sheet of banking institutions. Today, the incremental credit ratio of Indian banks is more than 100 which is also attracting buying interest among Dalal Street bulls."
On Bank Nifty's current chart pattern, Sumeet Bagadia, Executive Director at Choice Broking said, "Bank Nifty has made a higher high higher low pattern on the chart that signals continuous uptrend in the index. The immediate target for the Bank Nifty index is 44,000 but once it gives closing above 44,000, we can expect more upside in the index."
On Bank Nifty's current chart pattern, Sumeet Bagadia, Executive Director at Choice Broking said, "Bank Nifty has made a higher high higher low pattern on the chart that signals continuous uptrend in the index. The immediate target for the Bank Nifty index is 44,000 but once it gives closing above 44,000, we can expect more upside in the index."
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Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.