Bank Nifty- Green candle formed above critical resistance
Bank Nifty made a green candle today(albeit with long wicks on both sides--showing lack of direction).
On the positive side the candle stayed above critical level of 37457 which will now be a major support. If price stays above this level, then we could see move towards 38832 in next sessions.
FII (+496cr), DII(-116cr) net +381cr added support to help with a green candle. Continued buying by FIIs is a good positive news, we can expect big fillip to the indices if this continues.
On the negative side, the PCR at 0.78 indicates comfort of option writers on the downside....more calls written than puts.
Global cues remain grim and corona situation si worrisome--but there is no new negative news thus far.
We could expect some consolidation and move upwards from here. What do you think?
On the positive side the candle stayed above critical level of 37457 which will now be a major support. If price stays above this level, then we could see move towards 38832 in next sessions.
FII (+496cr), DII(-116cr) net +381cr added support to help with a green candle. Continued buying by FIIs is a good positive news, we can expect big fillip to the indices if this continues.
On the negative side, the PCR at 0.78 indicates comfort of option writers on the downside....more calls written than puts.
Global cues remain grim and corona situation si worrisome--but there is no new negative news thus far.
We could expect some consolidation and move upwards from here. What do you think?
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