We are tracking and following the Bank Nifty moves from the last four weeks. You can see all past four post here.
In the last post, we discussed. We must look 31500 levels as Pointer for the further clue in the current swing.
Bank Nifty Index went above 31500 but failed to give any EOD close above it.
Continuously struggling to get close above 31500 acted as the first clue of uncertainty in Bank Nifty Index long positions.
In the result of it, today Bank Nifty fell 900 points (almost 3%) in a single trading session.
Now at present Bank Nifty, today made the low near short-term critical support level 30500.
We can use the level mentioned above as a Pointer for the further trading clue.
Any close or sustainability below 30500 levels, will add more weakness in Bank index.
We can expect some solid bounce in Bank Nifty from 30100-29920 range as that range is the Primary support area for the index.
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Note: Above mention price projection & other Information are for educational purpose only.
Below 15735-760 zone Nifty Index is weak and can drop more. On the downside, the 15520-499 zone is the important Gann level zone, where Index
Even after a strong weekly close, Nifty & Bank Nifty opened gap down. Both tried to recover, made high near Gann levels, which we discussed