Bank Nifty forms an inside bar: What should be your strategy, find out here!

As it formed two consecutive shooting star candles, the weightage is on the downside. 

Bank Nifty ends its three-day losing streak on Wednesday and settled with minuscule gains of 0.08 per cent for the day.  

Bank Nifty has formed the second shooting in a row, which also appears like a Doji candle. It did not sustain at the higher levels. Interestingly, it also formed an inside bar. Furthermore, it has closed below its upward rising trendline support for the second day. It was unsuccessful in moving above the previous day's high. 

As it formed two consecutive shooting star candles, the weightage is on the downside. The RSI flattened while the MACD histogram showed increased bearish momentum. The high of June 13 is placed at the level of 33,774. Above this level, we can see aggressive short covering. For a bullish reversal, it needs to close above this level for at least two days above the high of June 13. In any case, if Bank Nifty closes below 33,123, it could have severe bearish implications in the near term.

1 comments on article "Bank Nifty forms an inside bar: What should be your strategy, find out here!"

Bertin George

bank nifty outlook is missing now a days.

Kindly consider to introduce again

7/19/2022 11:49 PM

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