bijoy2526

BANK NIFTY may fall to support 3

NSE:BANKNIFTY   NIFTY BANK
in my last post on Saturday I had mentioned that if bank nifty violates
support 1 it may fall to support 2 it has fallen below support 2 too. so strong was selling even it could not bounce to resistance zone .
it is likely to fall to support 3 .Several attempts to go down was prevented as there is weekly support area
in that area(shown by dashed red line in the chart)
every time it tried to break that line it is pulled back above it leaving behind the wicks.
strong support exits in that area.
bank nifty bounced several times from that area really tussle between bears and bulls taking place in that area.
bank nifty closed below 5 period moving average in hourly time frame.
in the beginning it could sustain above that for short period.
as it appears the weekly support area will be broken and bank nifty will fall to support 3.
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Comments

as usual great analysis .you are ultra legend sir......in analysis
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Amazing sir!!
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bijoy2526 ankitgiggler
@ankitgiggler, thanks.
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