On Wednesday, Bank Nifty jumped 1.5 per cent and closed decisively above the important psychological mark of 34,000.

Bank Nifty has closed flat to negative on a weekly basis. On the weekly chart, it has formed a bearish candle as its closing was below the opening level but carries a long lower shadow, which indicates buying demand at lower levels.

Bank Nifty was observed to be resilient on a monthly expiry day as it gained nearly half a per cent.

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. 

Bank Nifty found resistance around the 20-DMA and thereafter, it declined 400 points from the day’s high before settling with a modest gain of over half a per cent.

Bank Nifty may open positive. After an hour, if it trades above 33,840, it’s a positive sign that may test 34,340.

Bank Nifty has formed a long-legged small body candle. After over 800 points of volatility, it failed close above the 8-EMA.

Bank Nifty moved above the prior day's high but it failed to sustain at higher levels as profit booking emerged at higher levels.  

After a sharp decline, Bank Nifty was able to close in the green on Friday. It closed at the lowest level after May 2021, which is below the prior swing low.

On Thursday, Bank Nifty declined by a humongous 722 points or 2.17 per cent. With this sharp fall, it closed below its prior swing low, which was last marked in mid-May.