Niftybank View
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Hello everyone,
As we see in last trading session Niftybank shows downward momentum loosing 500points and taking support at our marked trendline.
If it breaks the trendline,then we can expects it's initial support at 43400 level while if it begins to show upward momentum then most probability is that it will touch near 45000 Resistance level.
However, there is a huge selling in option index excluding Nifty Midcap Select because it's data closed positively. We can assume that buying activities are going in Nifty Midcap Select. Cash data was also positive depicting positive momentum.
So here we close our statement.
Have a happy trading.
As we see in last trading session Niftybank shows downward momentum loosing 500points and taking support at our marked trendline.
If it breaks the trendline,then we can expects it's initial support at 43400 level while if it begins to show upward momentum then most probability is that it will touch near 45000 Resistance level.
However, there is a huge selling in option index excluding Nifty Midcap Select because it's data closed positively. We can assume that buying activities are going in Nifty Midcap Select. Cash data was also positive depicting positive momentum.
So here we close our statement.
Have a happy trading.
Note
Since niftybank closed green on a daily timeframe basis. Still, the market is not in a mood to show a bullish sign. It's overall trend is negative yet. Though it closed in green today but it is below it's previous day candle. This thing recognises that it will soon takes support of 43400 as we have presumed. So chances are more for bearishness rather than bullishness.Yah! Bullish market will begin and will be confirmed when it will close above 44500 level.
Happy trading
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