Bank Nifty- 9th consecutive candle below 200EMA
Bank Nifty closed with a green candle but with little to cheer as it closed yet another daily candle below 200EMA.
35358 is a critical resistance on the upside while 34456 is the next support below.
PCR at 0.73 indicates option writers' view expecting some more downside. CPR is a narrow one with 66 points width, so we could expect a trending day.
Continued selling by FIIs 986cr & 578cr buying by DIIs resulted in a net 409cr selling. Bank Nifty could hold on to previous day's levels is a signal of some strength.
Till the 200EMA is breached, however we should expect more downside. Let us see how it trades this coming final session.
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