Bank Nifty- Will it fill the Gap tomorrow?
Bank Nifty made an indecisive candle today (almost a Doji) ....however it left a gap below and closed in green. This is the 10th consecutive green candle. Today it failed to break above critical pivot resistance of 38832.
Some downside factors - PCR went down to 0.98, indicates option writers expectation of a downward move.
Option indicates expiry level of 38500, which is well below todays close.
FIIs took to selling -1002cr, DIIs bought for 1332cr taking the net to 330cr buy. Despite this support, Bank nifty failed to cross the resistance.
CPR is a flat line with no width indicates a trending market.
Gap up opening is indicated for tomorrow, so if the gap up sustains above 38832, then the fears of downside can be forgotten as 38832 will act as a strong support.
Given the momentum in Bank Nifty, it is quite probable that we will see the momentum take price clear of the resistance. Also, net buying support will help upside. Teh consolidation today will probably help the index to make another strong upside move. What do you think?
Some downside factors - PCR went down to 0.98, indicates option writers expectation of a downward move.
Option indicates expiry level of 38500, which is well below todays close.
FIIs took to selling -1002cr, DIIs bought for 1332cr taking the net to 330cr buy. Despite this support, Bank nifty failed to cross the resistance.
CPR is a flat line with no width indicates a trending market.
Gap up opening is indicated for tomorrow, so if the gap up sustains above 38832, then the fears of downside can be forgotten as 38832 will act as a strong support.
Given the momentum in Bank Nifty, it is quite probable that we will see the momentum take price clear of the resistance. Also, net buying support will help upside. Teh consolidation today will probably help the index to make another strong upside move. What do you think?
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