BANK NIFTY opened GAP DOWN today and in 1 hour timeframe it is moving in cahnnel.Today it also closed near lower end of yesterday consolidation zone. It may move towards 37727 i.e. lower end of channel in comming week.
Bank Nifty is bearish for last two days and formed a down channel in 1 hour time frame, Expect downtrend to continue for next week also and it may break it's previous week low.
Nifty close at 11089 on Friday making low of 11026
The psychological support at 11000 and actual support at 11022
if it breaks it may test 10825 in coming days
Bank nifty on Friday close at 21640
Bank nifty made H&S pattern on 4 hrs chart
neckline placed at 21025
if closes below 21025 then bearishness may be seen in Bank Nifty
As previous gap formed in March 20 between 10141 to 10293 band may act as a strong resistance for nifty and it may retrace up to 9818 to 9700 level in coming days.
NIFTY TESTED LOW OF 7560 AND BOUNCED BACK UP TO 9057
AND ON FRIDAY MOVED DOWN TO 8660
I THINK NIFTY MAY TEST IT'S SUPPLY ZONE i.e. 9900-10000 BEFORE COMING BACK TO 8000
nifty has formed Loss Of Momentum, also showing RSI bullish diversion on 4 hour chart and taken support at 11176 .I think nifty may retrace from here up to 11595 sl 11005 spot.
