There was clear signal for intraday reversal when 3rd hourly candle was doji followed by red candle breaking the low of that doji. Bank nifty could only retrace 23.6 of recent fall after that it faced selling pressure in 3rd hourly candle with appearance of doji. Bank nifty has retraced today more than 38.6 percent of recent rise. Probability of going down to 61.8 percent is there. Open Interest chain also suggests resistance at 38000 and support at 37000.
Stochiastic cross over is seen in over bought zone in hourly chart
FII figure in cash market selling more than 5000 crores
20 period weekly moving average is at 37230 which will act as support for bank nifty and it appears if bank nifty drifts below it it may bounce back to it.
apart from 20 period weekly moving average 37030-37111 is strong support zone
resistance for bank nifty 37489.
37714 and 37887
As long as 20 period weekly moving average is held it is positive for bank nifty
Stochiastic cross over is seen in over bought zone in hourly chart
FII figure in cash market selling more than 5000 crores
20 period weekly moving average is at 37230 which will act as support for bank nifty and it appears if bank nifty drifts below it it may bounce back to it.
apart from 20 period weekly moving average 37030-37111 is strong support zone
resistance for bank nifty 37489.
37714 and 37887
As long as 20 period weekly moving average is held it is positive for bank nifty
