Bank Nifty- More downside till 50EMA likely
Bank Nifty weekly candlestick paints a bleak red picture. However it has taken support at 37457 which is a critical support. Looking at global cues if this support is broken, then next support is 36479 which could couple with the 50EMA support as well.
With FIIs on an unprecedented selling spree, it is likely that this level could be seen soon.
PCR indicates downward bias. CPR on Monday is 62pts wide which indicates a trending market.
If there is a Gap up opening, then 37544 could be the strong support level to watch out for. Even though futures indicate strength. Above this level bank nifty could go towards 38000/38458. If 37483 is broken then it could take bank nifty towards next support of 37294/36479.
What do you think?
With FIIs on an unprecedented selling spree, it is likely that this level could be seen soon.
PCR indicates downward bias. CPR on Monday is 62pts wide which indicates a trending market.
If there is a Gap up opening, then 37544 could be the strong support level to watch out for. Even though futures indicate strength. Above this level bank nifty could go towards 38000/38458. If 37483 is broken then it could take bank nifty towards next support of 37294/36479.
What do you think?
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