Bank Nifty- Bear zone

16 בנוב׳ 2021

Bank Nifty broke the 50EMA level today. If there is a gap up tomorrow and prices sustain- with bank nifty taking support at this level- then we might see revival of the uptrend. More likely is to see in the next few trading sessions, the selling pressure taking bank nifty down to camarilla support 37,760 -if this level is breached, then next support is at 36,397. Today we had a virgin CPR, so bank nifty will find it harder to break upwards. Tomorrow's session will see a wide CPR, so we might have a sideways market.