14 Aug ’23 Post Mortem on BankNifty - Tests SR @ 44068 🐻🐻🐻
Banknifty also made a decent recovery after the 482pts ~ 1.09% fall in the opening 20mts. It retraced 433pts by 15.00. And then fell a little to close out with only 0.2% losses @ 44090.
Even though the recovery was good, it was not as dramatic as Nifty50. And we are back at an important support/resistance level of 44068. So bank nifty has retested its old SR level before Nifty which still means the downtrend could continue a bit more. Earlier on I did mention in the last report that BankNifty is the leading indicator for trend in India vs NASDAQ in US.
Today’s close on the 1hr TF will give some proof for that. The final close is quite far away(below) the trend line and my 50 & 200 EMA is widening. The stance continues to be bearish with 44068 as the first SR and 43404 as the next SR.
Even though the recovery was good, it was not as dramatic as Nifty50. And we are back at an important support/resistance level of 44068. So bank nifty has retested its old SR level before Nifty which still means the downtrend could continue a bit more. Earlier on I did mention in the last report that BankNifty is the leading indicator for trend in India vs NASDAQ in US.
Today’s close on the 1hr TF will give some proof for that. The final close is quite far away(below) the trend line and my 50 & 200 EMA is widening. The stance continues to be bearish with 44068 as the first SR and 43404 as the next SR.
