Bank Nifty was in Uptrend since from 16-04 -2021. Now we can witness a sharp fall in the index prices from 25-10-2021, it’s almost 10% downfall from its Highest point.
So What’s Actually Happening in Bank nifty and Banking Stocks is that we are not seeing much activity in Price Action. From last few days we are not seeing too much volume, the same behavior continued even for today.
Apart from that, Bank nifty has closed this week at 37976 with loss of -3.65% and it has formed a bearish Price Action Candle, we can clearly see the Weakness in the Markets.
Take a look at the Price Action of Bank Nifty in 1D Chart.
As per the Price Action of Bank Nifty, we can see the Support at 38500 after Prices have fallen 750 points from the top. The upcoming resistance is at 39000 and as per the weekly chart we can expect a good pull back in the index again towards 38100. For day traders and Swing traders these are the important Support and Resistance zones to keep in mind.
Based on our understanding and Price Action, we can expect range bound or slightly bearish movement in the market. Incase if you see Strong Buying Pressure, Prices may end up breaking the resistance level. Traders should keep an eye on the Price Action and take positions accordingly.
