We are tracking and following the Bank Nifty moves from the last couple of weeks. You can see all past posts here.
In the last post, we discussed that Bank Nifty Bears are in a strong position, as the Weekly chart structure suggests a negative outline. But the index is approaching the pullback area 29100-28950 for a relief rally.
Bank Nifty went below 28950 but failed to give any EOD close below it.
As a result, from then until today, the Bank Nifty Bulls have shown a Bounce of 600 points.
But one crucial point to note here is that each time Bounce gets sold quickly, it clearly suggests that bears are in a strong position.
Bank Nifty bulls need to close above 29650 levels for further rise.
If the bulls in Bank Nifty fail to close above 29650, then we can again see the lower of 28950 and maybe 28600.
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Note: Above mention price projection & other Information are for educational purposes only.
