BANK NIFTY rejected at resistance line,can the trend line hold?

Jul 8, 2021

1) At first instance it appeared to be expiry effect but time to be more cautious.
fii and dii figures both negative today.
2)Resistance line in the chart has been acting as strong resistance
today too bank nifty could not cross it.
3)Trend line 1 one has been providing support last 3 times
let us see if bank nifty gets support from that line if it crosses below the trend line 2(now it is holding above it)
incidentally 20 dma lies at trend line 1.crossing below that will be negative for bank nifty
4)Till now the up trend has not been violated as higher low is intact.
5) Stochistic in hourly time frame is now in over sold condition.
6) I am neutral under these condition looking for breakdown or break out for taking any confirmative step
but the up trend is yet to be violated.

Jul 8, 2021

Note

Jul 8, 2021

Note

This is weekly chart .trend line is acting as barrier if it over comes it ,up ward movement will continue.

Jul 8, 2021

Note

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