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 Nifty is trading short-term support level 30500. Any close or sustainability below 30500 levels, will add more weakness in Bank index.
Bank Nifty went below 30500 level couple of times but failed to give any single day close below it.
The bounce was also of only 250-300 points from the short-term support. Overall if we see Bank Nifty was doing time correction.
Bank Nifty Crucial Support
In previous week also discussed the Primary support range 29200-31100.
Now, this week Primary support range has shifted to 30340-30150 area.
We should carefully watch the Price action near the Bank Nifty Crucial Support range mentioned above.
If Bank Nifty bulls have to make a complete turnaround, then they should protect this range on the daily basis. Bears will get the chance below this range only.
All through last week, there was a complete range bound move in Bank Nifty; still, there was ample of great Buying-Selling opportunities on lower time frames.
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On the above Bank Nifty 5 min chart of last week, I have applied our new ‘Hook Timing Method’ trading technique.
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