DSIJ Mindshare

Bank Nifty bulls need to battle hard to recapture its important psychology mark of 34,000!
Karan Dsij
/ Categories: Trending, Mindshare

Bank Nifty bulls need to battle hard to recapture its important psychology mark of 34,000!

Any negative opening and slipping below the 33,600 level will have a bearish implication.

On Tuesday, Bank Nifty ended with a loss of half a per cent. It opened at 33,578 and closed at the level of 33,642. 

Since its closing was greater than the opening, it formed a small body bullish candle. However, it has formed a lower high and lower low as compared to its prior trading session bar. As the index is reacting from the higher levels, the indicators also show waning momentum. Intraday charts show higher low candles on the moving average ribbon support. 

However, the MACD is clearly indicating a bearish stance. The index has to move above the previous day's high for a bullish reversal. Any negative opening and slipping below the 33,600 level will have a bearish implication. Meanwhile, a move above 33,745 is positive, and it can test the level of 33,980. 

Previous Article Market watch: What does the Futures and Options market suggest about trade on June 29?
Next Article Top three stocks that witnessed heavy demand from buyers in the pre-opening session today
Print
413 Rate this article:
4.0
Please login or register to post comments.
DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR