NIFTY Bank Index buy opportunities at new weekly demand level
NIFTY Bank Index is comprised of the most liquid and large capitalised Indian Banking stocks. It provides investors and market intermediaries with a benchmark that captures the capital market performance of Indian Banks.
Nifty Bank has been rallying for weeks breaking all time highs at 28400 a few weeks ago. There is a very strong weekly demand imbalance created once those all time highs were broken. This weekly demand level is located around 27211 price area. The imbalance is pretty strong. Long term longs will be possible at this new imbalance is price retraces and market conditions are trend are the same.
There are shorter term opportunities created in shorter timeframes, this analysis is done for a single timeframe, the weekly chart. In an uptrend new demand levels are created and respected, supply levels are eliminated in an uptrend. There is no reason to go short in the short/medium term unless you are a scalper and trading the very lower timeframe imbalances.
Nifty Bank has been rallying for weeks breaking all time highs at 28400 a few weeks ago. There is a very strong weekly demand imbalance created once those all time highs were broken. This weekly demand level is located around 27211 price area. The imbalance is pretty strong. Long term longs will be possible at this new imbalance is price retraces and market conditions are trend are the same.
There are shorter term opportunities created in shorter timeframes, this analysis is done for a single timeframe, the weekly chart. In an uptrend new demand levels are created and respected, supply levels are eliminated in an uptrend. There is no reason to go short in the short/medium term unless you are a scalper and trading the very lower timeframe imbalances.