Postmortem on Bank Nifty - 18 JUL 2022

BN opened gap up at 34841 almost midway between the support of 34363 and resistance of 35094. Till 10.40 BN did not establish any pattern or momentum but right after that it started trending upwards uniformly making a beautiful price action.

Although BN spent 12.15 to 13.40 around the resistance line of 35094, it surpassed that with strong momentum.

TradingView Chart


All the 5 major BN components rallied which supported this strong uptrending move. The final close was at 35354 again right in the middle of support & resistance


Previous 3 to 5 data on 5mts candle shows an uptrend continuation pattern whereas the 1hr does not indicate any strong trend - it may show consolidation in a small downward sloping channel.

TradingView Chart


TradingView Chart

    

Comments