Bank Nifty- Remains Bullish on weekly charts, 38832 critical
Bank Nifty has closed at R3 resistance around 38832. If this level is breached then we could see a resumption of bullish uptrend again.
For the moment it is well above 50/100/200EMA on weekly charts indicating bullishness.
PCR at 0.61 is oversold and contra indicates a rebound upwards.
FIIs having sold 45417cr so far in 2022 have been putting pressure on index stocks. Net FII/DII YTD is 21214cr sold.
PCR on Monday is narrow, indicating a trending day.
Global cues remain worrisome, on the downside support is at 38249/37133. On upside above 38832 resistance is 38891/39k/39.5k/39802.
Let us watch if 38832 is breached. What do you think?
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For the moment it is well above 50/100/200EMA on weekly charts indicating bullishness.
PCR at 0.61 is oversold and contra indicates a rebound upwards.
FIIs having sold 45417cr so far in 2022 have been putting pressure on index stocks. Net FII/DII YTD is 21214cr sold.
PCR on Monday is narrow, indicating a trending day.
Global cues remain worrisome, on the downside support is at 38249/37133. On upside above 38832 resistance is 38891/39k/39.5k/39802.
Let us watch if 38832 is breached. What do you think?
If you liked the analysis...please Like/Follow/comment.
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