Bank Nifty- Classic inside bar candle setup
bank Nifty made an inside bar red candle today. It is at a strong support of 34360 (monthly S3 pivot support).
Inside bar indicates a strong likelyhood of breakout (could be up or down) - tomorrow.
So if the price breaches 34360 then we could test 33032 which is the next strong support.
PCR is higher today at 0.6 with 34500 and 34000 as potential resistance points in case we see a downward slide.
FIIs sold for only 1210cr and were outgunned by DII who bought for 1405cr --net 195cr positive---still we ended up with a red candle today. If FII/DII are net sellers tomorrow, then we could see a breakdown. Otherwise, banknifty is at a relatively strong support level 34360.
Let us see if the weak chart shows some more downside before a pause tomorrow....
You can check Nifty & Bank Nifty Nifty & Bank Nifty levels for wed 22Dec2021 - Vix, FII , CPR & options/PCR data. (my twitter handle is @OptionsNo11 ).
Inside bar indicates a strong likelyhood of breakout (could be up or down) - tomorrow.
So if the price breaches 34360 then we could test 33032 which is the next strong support.
PCR is higher today at 0.6 with 34500 and 34000 as potential resistance points in case we see a downward slide.
FIIs sold for only 1210cr and were outgunned by DII who bought for 1405cr --net 195cr positive---still we ended up with a red candle today. If FII/DII are net sellers tomorrow, then we could see a breakdown. Otherwise, banknifty is at a relatively strong support level 34360.
Let us see if the weak chart shows some more downside before a pause tomorrow....
You can check Nifty & Bank Nifty Nifty & Bank Nifty levels for wed 22Dec2021 - Vix, FII , CPR & options/PCR data. (my twitter handle is @OptionsNo11 ).
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