There is a huge monthly value gap sitting between 21137.20-20158.70. This is a big bearish signal considering we haven’t got a pull back from the last high break, meaning this month. We could see the prices come all the way down to 20158.70 before we move back higher. This will be minor pullback on the bullish Monthly Chart.
There is a weekly gap near the bottom of that monthly fair value gap which adds more confluence to the idea of a pullback on the monthly chart. The weekly however, is not showing clear Signals Of bearishness, Meaning the prices might still head up a little bit more.
On the daily chart, Prices still respected the 16 January 2024 high and we are in the process of forming rejection block with today’s candle. If we see a gap down tomorrow or sustain lower prices, the daily swing low at 21448.85 might be first targets for short-term shots.
For the coming 1 to 2 days, I will be looking for shorts on an hourly and 15 minute charts if prices sustain lower tomorrow.
This we also lines up perfectly with my bearish bank nifty analysis.
There is a weekly gap near the bottom of that monthly fair value gap which adds more confluence to the idea of a pullback on the monthly chart. The weekly however, is not showing clear Signals Of bearishness, Meaning the prices might still head up a little bit more.
On the daily chart, Prices still respected the 16 January 2024 high and we are in the process of forming rejection block with today’s candle. If we see a gap down tomorrow or sustain lower prices, the daily swing low at 21448.85 might be first targets for short-term shots.
For the coming 1 to 2 days, I will be looking for shorts on an hourly and 15 minute charts if prices sustain lower tomorrow.
This we also lines up perfectly with my bearish bank nifty analysis.