NIFTYBANK - Teaser or Tweezer top!

18 nov. 2022

Nifty bank, hits the high matches the previous day, closes minor red. It is surely volatility or profit taking at higher levels. The broader Index is weakened by other sectors like FMCG, Auto than Banking. Expiry day also helps or aides the range moves. While the major index shows some chinks, today being the weekend, markets would be wary of taking extremes and would watch for clues from the global markets. The inflation data from Japan remains elevated, ditto in Europe. Coupled with comments from FED officials about neutral rate still high 5 plus, calmed the bulls nerves. One has to wait and see if this is teaser to Tweezer top (popular candles stick pattern). The probability indicator (not tested), results show 28% of break of 42300, 75% break of 42600. 15% probability of 42000 and 36% 42800. Take with your own assessment of the move. For the day ideally prefer the range 42350-42650 no real fireworks within this range.