BANK NIFTY
Updated
Important Levels for 11-05-2021.
The range was established in the first hour itself and no strong buying or selling occurred at higher and lower levels respectively.
Smart money was completely out and it was a clear case of fight between the retailers which is evident from low volumes.
5th day where the index has done nothing significant.
Today's low at 33164 is a weak low and has to be tested sooner than later.
I will be a bit bearish tomorrow, with immediate resistance at 33400-33450 levels and support at 33050 levels followed by 33800.
The range was established in the first hour itself and no strong buying or selling occurred at higher and lower levels respectively.
Smart money was completely out and it was a clear case of fight between the retailers which is evident from low volumes.
5th day where the index has done nothing significant.
Today's low at 33164 is a weak low and has to be tested sooner than later.
I will be a bit bearish tomorrow, with immediate resistance at 33400-33450 levels and support at 33050 levels followed by 33800.
Note
Support is at 33050 levels followed by 32800 levels not 33800(typing error)Note
Played as per our analysis, opened with gap down, near support zones, went up faced rejection near yesterday's POC and a fall of approximately 400 points and fall being arrested at 32800 levels.
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