Will Bank Nifty continue its resilient act? Know key levels for the day!
On the weekly chart, it’s undergoing the formation of a dark cloud cover-like candlestick pattern.
Bank Nifty was observed to be resilient on a monthly expiry day as it gained nearly half a per cent. Interestingly, the prior trading session’s Doji candle did not get the confirmation for a bearish implication because the follow-up candle was a bullish one.
However, due to Thursday’s last hour fall, the index has formed a long upper shadow candle. For the past several days, the index is crisscrossing between 10 and 20-DMA. The 10-DMA is acting as a support while 20-DMA is acting as a resistance. Only a move above or below the mentioned moving average will result in a trending move; till then, adopt buy-on-dips and sell-on-rise strategies.
On the weekly chart, it’s undergoing the formation of a dark cloud cover-like candlestick pattern. On a 75-minute chart, the index closed on the moving average ribbon support.
The MACD line has already slipped below the zero line, which is negative. Any move below 10-DMA (33,237) will resume the downtrend.
Meanwhile, only a move above 33,440 is positive as it can test the level of 33,600.