banknifty- Faces resistance at 200EMA, closes below it again

29 במרץ 2022

Banknifty was supported today by 1/ steep fall in crude oil futures 2/ FII and DII both net buyers. and wide CPR support. Still it was unable to close above the 200EMA. this is the 4th consecutive day close below 200EMA indicates reduced strength of the chart. CPR is narrow tomorrow and a trending day is expected. Banknifty may not have the momentum to go on, despite the strength in the last couple of hours shown today. What do you think?