We are tracking and following the Bank Nifty moves from the last few weeks. You can see all past posts here.
In the last post, we discussed that the Bank Index is trading crucial support in the 30450-30150 range. If bulls have to complete a turnaround, they should protect this range.
Bank Nifty bounced 450 points from the Primary support area, but the bulls failed to hold the momentum.
As a result, on Friday, bulls broke the support area. Once the market started sustaining below it, we saw the waterfall decline, which continues today.
The Bank Index has fallen nearly 1000 points from the crucial support point.
Now, moving head bears have the clear upper hand. The weekly chart structure also shows a negative outline at present.
The pullback area for relief or short-term bounce is located at 29100-28950 range. We may see some bounce from this area.
The intermediate Resistance is at 29525 levels. Above that, we can expect a rise of 29845-29000, which will act as short-term critical resistance for bulls.
Last week was full of great trading opportunities. When we understand the value of the market structure, the game becomes relatively easy.
In the post here, I already discussed how last week’s moves gave the opportunity to make a 1450-point profit in Bank Nifty.
