We are tracking and following the Bank Nifty moves from the last couple of weeks. You can see all past post here.
In the last post, we discussed; Bank Index is trading crucial support 30450-30150 range. And if bulls have to complete turnaround, they should protect this range.
Bank Nifty showed the bounce of 450 points from the Primary support area, but bulls failed to hold the momentum.
In the result of it on Friday bulls break the support area. Once the market started sustaining below it, we saw the waterfall decline, which continues for today also.
From the crucial support point, Bank Index has fallen nearly 1000 points.
Now moving head bears have the clear upper hand. As weekly charts structure is also showing 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 the rise towards 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 had already discussed how last week moves gave the opportunity of making 1450 points profit in Bank nifty.