Nifty Bank IndexShort
Bank Nifty- Filled the Gap & breached both 20EMA and 100EMA
Updated
Bank Nifty took off with a strong momentum breaching 100EMA and 20EMA with todays single strong green candle. It also filled the Gap of last week.
However, todays gap up created a new gap. If 37629 is breached we could well see 38350 levels.
More likely we could see a downtrend continuation because=
1. PCR is at 1.27 - contra indication of correction soon.
2. FII hardly sold 579cr today vs 1736cr buying by DII in cash market. Could we see profit booking and FII selling tomorrow?
3. CPR is quite narrow tomorrow, so it will be a trending day- if FIIs sit aside only then we could see a up rally -otherwise a down one.
On the downside, we could see renewed selling pressure if 37024 is broken. Gap at 36905 could be filled and then to lower levels.
If FIIs resume their usual selling then they could maybe find retail investors also booking profits tomorrow?
However, todays gap up created a new gap. If 37629 is breached we could well see 38350 levels.
More likely we could see a downtrend continuation because=
1. PCR is at 1.27 - contra indication of correction soon.
2. FII hardly sold 579cr today vs 1736cr buying by DII in cash market. Could we see profit booking and FII selling tomorrow?
3. CPR is quite narrow tomorrow, so it will be a trending day- if FIIs sit aside only then we could see a up rally -otherwise a down one.
On the downside, we could see renewed selling pressure if 37024 is broken. Gap at 36905 could be filled and then to lower levels.
If FIIs resume their usual selling then they could maybe find retail investors also booking profits tomorrow?
Trade closed: target reached
we witnessed a downtrend and support taken at virgin cpr. 37024 broken and support taken around 36900 levels. On reversal resistance at todays cpr.
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