Bank Nifty- Will break down continue till 37457
Bank nifty recovered sharply from the gap down and downward move however it faced resistance at 38458 and closed below it with a green candle. The previous candle was a red bearish candle and todays close was below it. The next available support is at 37457-so will bank nifty continue to trend downwards? It is quite likely given FIIs have begun selling (1598cr ) again. PCR remains 0.84 so option writers expect downward trend. If there is a strong upwards momentum at the opening which takes bank nifty above 38458 and it sustains, then we can safely assume that bank nifty pause is over and upwards move will resume. Narrow CPR indicates a trending market on Monday. What do you think?
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