Banknifty opened with a slight gap on the upside at 42177 vs the previous close at 42137.
Price did not sustain the gap and moved lower but traded within the range of the previous day's candle, forming inside the candle.
You can clearly see the price action on the hourly chart, and how well prices moved with Friday's first-hour candle.
Now breakout on either side would decide the fate of the bank nifty in the short term.
Long terms charts are still positive.
Immediate support @ 42000
Further Support @ 41380-4140
Immediate Resistance at 42200
Plan your trade accordingly
Price did not sustain the gap and moved lower but traded within the range of the previous day's candle, forming inside the candle.
You can clearly see the price action on the hourly chart, and how well prices moved with Friday's first-hour candle.
Now breakout on either side would decide the fate of the bank nifty in the short term.
Long terms charts are still positive.
Immediate support @ 42000
Further Support @ 41380-4140
Immediate Resistance at 42200
Plan your trade accordingly