Bank Nifty - breached Camarilla R3 today- weak on weekly chart
Bank Nifty closed with a bearish red candle today breaching the critical level of camarilla R3 35752. On weekly charts, this is the second successive weekly candle close below 20EMA. Unless we see a recovery above 20EMA in the next few sessions, we could be witnessing a definite move to cover the gap with the 100EMA.
On the upside, resistance is immediately on 35752 followed by 37753.
On the downside 34260 and 32754 are the next support levels.
Good news on GDP growth in Q2 could bring cheer but the PCR on bank nifty has dwindled further today indicating sellers are more bearish-- on contra view we could witness a retracement rally upwards.
With heavy selling by FIIs we can only wonder how sustainable such a rally would be, unless DIIs again match with heavy purchasing like we saw today.
If we see the current week candle finally close below 20EMA then we could see further corrections beyond the 15.5% seen so far. What do you think?
On the upside, resistance is immediately on 35752 followed by 37753.
On the downside 34260 and 32754 are the next support levels.
Good news on GDP growth in Q2 could bring cheer but the PCR on bank nifty has dwindled further today indicating sellers are more bearish-- on contra view we could witness a retracement rally upwards.
With heavy selling by FIIs we can only wonder how sustainable such a rally would be, unless DIIs again match with heavy purchasing like we saw today.
If we see the current week candle finally close below 20EMA then we could see further corrections beyond the 15.5% seen so far. What do you think?
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