Bank Nifty: At crucial levels... Keep a close eye

Bank Nifty
Closing price: 25284

Why so much of importance

Lets look at the charts

- Bank NIfty currently is at important support line

- 20 hr EMA at 25347

- 50 hr EMA at 25346

- 20 hr EMA on the verge of crossing below 50 Hr EMA (which if happens meaningfully could mean more bearish move ahead)

We have seen the crossover effect in Nifty... will it be Bank Nifty's turn now...???

Link to Nifty update

- 25157 an important support for Bank Nifty... (opening reaction level after PSU Capital Infusion News)

- Below 25157 doors open for Bank Nifty to test 24880 / 24660 / 24220

Resistance at 25350 / 25448

On any pull backs if we observe selling pressure or inability to sustain above 25350-25450 levels it could signify difficult times ahead for Bank Nifty...

Take care & safe trading...!!!

Comment:

On daily charts...

All more important reason to keep a watchful eye...

Comment:

Ideally we are looking for some pullback and then would like to see if price action is getting rejected at 25350-25450 zone...

Lets see how tomorrow turns out...

Trade closed: target reached:

After gap down opening we did not rush and Bank Nifty did manage to turn green.
However as suggested today pull backs got rejected and we saw fall again...

It has respected the 25157 levels making a low of 25167...

Hope the analysis and levels identified were useful in planning ur trade...

Happy trading...!!!