1. Marked 2 TL Supports. One is Short Term and Other is Mid Term.
2. BANKNIFTY closed on Short Term TL Support.
3. Friday's low (Also the TL Support) is important. Once that's breached and sustained, next major Support is the Mid Term TL Support around 32750-32900 levels (Pre-Pandemic Levels)
4. RS showing decline.
5. For any Bullish Bias, 37600-37750 levels needs to be crossed and sustained on WCB.
6. Banks with good BS are definitely the "Add on Dips" candidates for coming weeks.
7. No can predict bottom, so this analysis is not about that. Just a basic idea about what may happen in coming days. Monday would give us better idea of what what level would be breached and what level would be saved. My inner Bull says, Tl Support would be saved and we may witness a brief rally. Let's see!
2. BANKNIFTY closed on Short Term TL Support.
3. Friday's low (Also the TL Support) is important. Once that's breached and sustained, next major Support is the Mid Term TL Support around 32750-32900 levels (Pre-Pandemic Levels)
4. RS showing decline.
5. For any Bullish Bias, 37600-37750 levels needs to be crossed and sustained on WCB.
6. Banks with good BS are definitely the "Add on Dips" candidates for coming weeks.
7. No can predict bottom, so this analysis is not about that. Just a basic idea about what may happen in coming days. Monday would give us better idea of what what level would be breached and what level would be saved. My inner Bull says, Tl Support would be saved and we may witness a brief rally. Let's see!