Postmortem on Bank Nifty - 14 Jul 2022 - weekly expiry

BN opened at 34817 almost at the same level it closed yesterdays trade. On the smaller timeframe, 5mts the trend shows continuing downwards almost with the same slope.

TradingView Chart

The closing was just below the support line of 34730

If we observe the last 3 days pattern, it shows a reversal at 35500 level

TradingView Chart

On a higher timeframe of 1hr, the BN may have made an interim double top in a continuing downward trend. If BN continues to break the upcoming support lines - then the drop may pick up momentum.

TradingView Chart


Important support & resistance levels

s1: 34372, s2: 34120

r1: 34740, r2: 35096

Comments