Banknifty is showing unusual resilience to breakdown, instead its chopping around. The intraday swing range has narrowed in the last 2 days which means we could expect a massive move pretty soon. I am not very sure what is restricting banknifty from falling.
For example we had a good gap down today and hit the swing low of 16 Aug, but the recovery was so decent...
Nifty performed really well and our levels were quite precise for this week of trading. Now lets move up to next week, we have pretty much same levels as there is one sided move for this whole week. For next week we can see that there is a resistance or supply area of 17820-17920. Also a 30 min close below 17420 levels might take a little downside till 17350...
There is some weakness in the fist half an hour of trading. It is highly likely that we stay with in the yesterday's range with probability of choppy action.