BankNifty - Weekly close below Important zones | Looking Bearish
Updated
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BankNifty weekly time frame analysis tells a very grief story.
It has broken below the trend line and has also made a close below the low of the strong candle, both of which are bearish patterns.
Red volume has also shown an increase for the previous 3 weeks which is again bearish sign.
Nifty formed a Doji candle which reflects indecision though it looks stronger than BankNifty at the moment.
US30 closed bearish on the weekly and we can expect the essence to flow in the next NSE session.
Immediate fib support is near 21.5K level and then around 21K level.
If these two levels do not hold, then BankNifty can come down to 20K.
One the upside 23.1 K level will act as immediate resistance.
If before the NSE open, global markets open negative then we can get ready to short bounces in Nifty and BankNifty.
Also, watch out for any news which can affect the markets.
Important levels:
R2 - 23,300
R1 - 23,100
Now - 22078
S1 - 21,500
S2 - 21,000
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“An investment in knowledge pays the best interest.” - Benjamin Franklin
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
BankNifty weekly time frame analysis tells a very grief story.
It has broken below the trend line and has also made a close below the low of the strong candle, both of which are bearish patterns.
Red volume has also shown an increase for the previous 3 weeks which is again bearish sign.
Nifty formed a Doji candle which reflects indecision though it looks stronger than BankNifty at the moment.
US30 closed bearish on the weekly and we can expect the essence to flow in the next NSE session.
Immediate fib support is near 21.5K level and then around 21K level.
If these two levels do not hold, then BankNifty can come down to 20K.
One the upside 23.1 K level will act as immediate resistance.
If before the NSE open, global markets open negative then we can get ready to short bounces in Nifty and BankNifty.
Also, watch out for any news which can affect the markets.
Important levels:
R2 - 23,300
R1 - 23,100
Now - 22078
S1 - 21,500
S2 - 21,000
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“An investment in knowledge pays the best interest.” - Benjamin Franklin
Note
Some good downside move happened in the past 4 sessions. Still, 1 day left to week's completion.
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