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