Another bullish day for the bank nifty. This time it opened (37847) below the resistance line (37948) and reversed and took off the resistance by 9.45. After trading for 20mts around this level, the resistance acted as support and BN surged ahead and closed with strong bullish tone. Today's price action did not follow the pattern it created on last working day. Instead the trade was more or less a breakout from an interim triple top
We will be able to confirm if its a breakout only in the next 3 working days, as it could also be a fake move considering the market is on holiday tomorrow.
The 5mts chart for the last few days also shows a minor breakout from current top level.
1hr chart confirms the breakout from resistance at 3800 level with a strong resistance coming up near 38800 level.
Important support and resistance levels
s1: 37948, s2: 37239
r1: 38695, r2: 39325
Comments
Post a Comment