BANK NIFTY is down by 4.49% in last week. So what to expect next week?
Bank nifty in a zone where it was in consolidating for 4 months (MAY 21 -AUG 21) before finally breaking away.
CHART PATTERN- We can see BANK NIFTY was in rising Chanel from 26 Nov- 16 Dec before breaking it with heavy selling pressure.
This may also be said as GAP FELLING formed on 7 DEC which can be seen on small TF (1H).
SUPPORT & RESISTANCE-The next support can be considered as 35300 level or 34000 if the price fall below 35000 level
BANK NIFTY can see RESISTANCE at 36500-400 level due to old resistance zone & increase in OI at this levels
that's my overview for next week from my side.
PLZ feel free to share your opnion as weel
THANK YOU
Bank nifty in a zone where it was in consolidating for 4 months (MAY 21 -AUG 21) before finally breaking away.
CHART PATTERN- We can see BANK NIFTY was in rising Chanel from 26 Nov- 16 Dec before breaking it with heavy selling pressure.
This may also be said as GAP FELLING formed on 7 DEC which can be seen on small TF (1H).
SUPPORT & RESISTANCE-The next support can be considered as 35300 level or 34000 if the price fall below 35000 level
BANK NIFTY can see RESISTANCE at 36500-400 level due to old resistance zone & increase in OI at this levels
that's my overview for next week from my side.
PLZ feel free to share your opnion as weel
THANK YOU
Comment:
As mentioned above Bank Nifty can be seen stalling near 34200 levels which may go to 34000 as well if this support is broken we may see the next strong support at 33500 levels. As OI at this level can bee sen increasing.