Bank nifty opened (40685) right at the support level (40689) made an aggressive move down to 40509 which happened to be the swing low of last working day. For a moment i thought bank nifty is breaking down - but it didnt & the support held quite strong. The 4th candle was a pretty strong one and pulled the BN up.
However bank nifty did not have enough steam to cross the resistance line of 41312 and the final closing was midway between these SR levels. Bank nifty did not move as strong as the nifty50 today for a brief period of time around 15.00 BN was trading in red whereas nifty50 was in good shape.
Both bank nifty and nifty50 outperformed the global indices & sentiment. Again something thats hard to believe and understand. How are the Indian stock markets able to stay in green when the entire world is bleeding?
Sometime in the near future Indian stock markets has to mirror whats happening on the global scale. Our economy does not work in isolation - the industries here are very much dependent on US & Europe for revenue & exports. And they are dependent on India for labor. If there is a recession in the western hemisphere it will spread to India also - but it may take some time for its impact to be felt.
5mts TF for the last few days shows strength. Too early to say a reversal is in place
1hr timeframe also shows strength by the bulls
Bank nifty important support and resistance lines
s1:40689, s2: 40142
r1: 41312
more ideas at viswaram.com
no predictions, no trade recommendations !
However bank nifty did not have enough steam to cross the resistance line of 41312 and the final closing was midway between these SR levels. Bank nifty did not move as strong as the nifty50 today for a brief period of time around 15.00 BN was trading in red whereas nifty50 was in good shape.
Both bank nifty and nifty50 outperformed the global indices & sentiment. Again something thats hard to believe and understand. How are the Indian stock markets able to stay in green when the entire world is bleeding?
Sometime in the near future Indian stock markets has to mirror whats happening on the global scale. Our economy does not work in isolation - the industries here are very much dependent on US & Europe for revenue & exports. And they are dependent on India for labor. If there is a recession in the western hemisphere it will spread to India also - but it may take some time for its impact to be felt.
5mts TF for the last few days shows strength. Too early to say a reversal is in place
1hr timeframe also shows strength by the bulls
Bank nifty important support and resistance lines
s1:40689, s2: 40142
r1: 41312
more ideas at viswaram.com
no predictions, no trade recommendations !