as posted two days ago negative closing abt bank nifty, bank nifty is in a retracement stage.
bank nifty today violated the channel for the short time
takes support on support 1 and pulls back in to the channel.
any further pull back might face strong resistance by the resistance zone.
how bank nifty behaves in that zone it is to be seen
if it fails in that zone it can be right shoulder of the already existing left shoulder in the chart,
if over night DII selling stops and FII starts taking much interest then bank nifty may over come this resistance zone.
short position may be initiated in this zone with stop loss some over this zone.
only closing above this zone will be positive for bank nifty.
and any violation of support 1 may push bank nifty in to support 2 zone.
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please see the attached post to know about my forecast
bank nifty today violated the channel for the short time
takes support on support 1 and pulls back in to the channel.
any further pull back might face strong resistance by the resistance zone.
how bank nifty behaves in that zone it is to be seen
if it fails in that zone it can be right shoulder of the already existing left shoulder in the chart,
if over night DII selling stops and FII starts taking much interest then bank nifty may over come this resistance zone.
short position may be initiated in this zone with stop loss some over this zone.
only closing above this zone will be positive for bank nifty.
and any violation of support 1 may push bank nifty in to support 2 zone.
don't forget to like my post. follow me to get updates.
please see the attached post to know about my forecast
