We are tracking and following the Bank Nifty moves from the last couple of weeks. You can see all past post here.
In the present week Bank Nifty approaching Cyclical support area, it will be interesting to see Price action near to that range.
In the last post, we discussed. Bank Nifty bulls need to close above 29650 levels for further rise. If bulls in Bank Nifty get failed to close above 29650, then we can again see the lower of 28950 and maybe this time 28600 also.
The Bank Index failed to even move above 29650 and in the result of it we saw the major breakdown in the last week.
The opportunity was great. As it failed to cross the Resistance 29650 and then weakness on the Hourly chart below BLUE oval mark confirms the Sell signal.
If we see the overall fall was of around 1100 points from the Sell signal given by our ‘Kinship’ trading method.
Now in coming day’s 27240-27130 is the critical Cyclical support area for Bank Nifty. We need to watch this range for the further clue about the trend of Bank Index.
Failing to hold above the mentioned cyclical area will increase the risk of further decline. The levels of 26900/27500 can be seen.