What is Happening in Bank Nifty?
Today’s day was a party Time for Bears since beginning. As I mentioned in yesterday Post, it was Sell on Rise Day!
Today’s High Pressure right from high levels of Today which was around yesterday’s Close Level. Bears attacked since beginning & never let it go. Bulls tried to Defend & push back from 42400 Level. This was a strong Support Zone formed at 27 Dec Low area. It took over 2 hours to break that zone & go deeper. Now on Daily TF, bears have created continues RED Days, kind of a 3 Black Row pattern. Considering short covering towards End, Bears were not confident of maintaining this momentum it seems. I look forward for 2 possibilities on Monday –
IF BNF Opens gap down, it will have one round of buying to re-claim today’s close level & buying may emerge. It depends upon how Global sentiments are shaping over week end.
Secondly, if the negativity continues & we have a gap opening, Bears will try hard to maintain today’s Close levels & go down further. I’ll try for one round of long at today’s low levels. It was a beautiful day & Market has given us all we wanted throughout the week! i.e. Momentum, Momentum & Momentum!! Now we may see one or 2 dull days next week having sideways market.