Banknifty had a very interesting last week, it started with the buyers pulling it back and ended up towards friday with sellers exerting a downward thrust.
at the end we closed with in a fairly balanced situation from the week perspective. Now until the lows near 24100 are broken we are still with an open chance to extend a pullback on the upside before the downard shift begins.
There are 3 possibilities that emerge for the current week 1. we continue to trade between 25000 and 24300 zones and consolidate further 2. we see a downward shift and
break below 24100 and 3. we manage to respect the lows and consider it as an intermediate bottom to break on the upside past 25150 to test 25500 levels.
at the end we closed with in a fairly balanced situation from the week perspective. Now until the lows near 24100 are broken we are still with an open chance to extend a pullback on the upside before the downard shift begins.
There are 3 possibilities that emerge for the current week 1. we continue to trade between 25000 and 24300 zones and consolidate further 2. we see a downward shift and
break below 24100 and 3. we manage to respect the lows and consider it as an intermediate bottom to break on the upside past 25150 to test 25500 levels.
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