BN's today's move was absolutely special. It opened gap down 37767 and closed at almost the same level as yesterday's close. In between we had lots of up & down movements.
The gap down opening may be attributed to the weak global cues (macro) wherein the US speaker visit to Taiwan taken not so well by China Military. BN almost filled the gap in the first 30mts, but that did not sustain and a further downward pressure was visible from 9.45 to 10.10 - this breakdown was not from any valid resistance level, nor the bounce from any valid support level. So the moves were all due to volatility (i assume).
The move from 10.15 to 12.00 was show of strength and it took out the resistance level of 37994 - but this did not sustain and a single candle at 12.35 broke this level. I personally felt BN would trade downwards thinking it could be a fake resistance break. However BN continued its show of strength and crossing the resistance again.
The final 15 to 20mts BN broke down this SR line to finally close below it.
There was 4 passages through this support & resistance line today that why i said the move was special.
5mts candle over last few days may start to indicate a top formation - but its too early to tell.
1hr timeframe over the last few days could indicate a crucial resistance failure, if BN breaks it over the next 3 to 4 sessions the upward momentum can be considered intact.
The RBI interest rate decision might impact the BN moves tomorrow - the price action may be non technical and the support resistance points may be broken or faked due to volatility.
Important support and resistance levels
s1: 37242, s2: 36565
r1: 37951, r2: 38706
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