Bank Nifty- Will 36479 hold tomorrow?
Bank Nifty made a big move downwards today breaking both 50EMA and 100EMA with a single red candle--while also recording a sharp recovery during closing hour taking support around the camarilla R3 level 36479.
Tomorrow Nifty is indicating a gap down opening and if bank nifty too opens below 36977 (BC of CPR) then CPR will be a key resistance. Level of 36479 could well be tested again and if broken, the next major support is way down at 34523.
FII+DII again sold for 3677cr and are contributing heavily to the slide. Global cues are not encouraging.
VIX rose sharply today to 22.8 increasing by 20.55%--indicating more fear and volatility.
So in case bank nifty recovers above 37035 and sustains, then CPR can be a strong support. Next resistance will be 37294/37457.
PCR at 0.53 is quite oversold and indicates a pullback.
What do you think will happen tomorrow?
Tomorrow Nifty is indicating a gap down opening and if bank nifty too opens below 36977 (BC of CPR) then CPR will be a key resistance. Level of 36479 could well be tested again and if broken, the next major support is way down at 34523.
FII+DII again sold for 3677cr and are contributing heavily to the slide. Global cues are not encouraging.
VIX rose sharply today to 22.8 increasing by 20.55%--indicating more fear and volatility.
So in case bank nifty recovers above 37035 and sustains, then CPR can be a strong support. Next resistance will be 37294/37457.
PCR at 0.53 is quite oversold and indicates a pullback.
What do you think will happen tomorrow?
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