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 Bears are in a strong position as Weekly chart structure is also suggesting negative outline. But, Index is approaching Pull back area 29100-28950 for a relief rally.
Bank Nifty went below 28950 but failed to give any EOD close below it.
In the result of it from there till today Bank Nifty Bulls has shown Bounce of 600 points.
But one crucial point to note here is that each time Bounce gets sold quickly. It clear suggests bears are in a strong position.
Bank Nifty bulls need to close above 29650 levels for further rise.
If bulls in Bank Nifty get failed to close above 29650, then we can again see the lower of 28950 and maybe this time 28600 also.
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Note: Above mention price projection & other Information are for educational purpose only.