Postmortem on Bank Nifty - 16 AUG 2022

BN opened at 39284 quite a gap up opening, traded higher for the first 6 candles and then was not able to sustain the momentum and gradually dropped lower.  The 2nd candle itself took out the resistance quite a show of strength but eventually loosing the support. The big red candles formed near this support line shows 39237 is quite a strong SR zone.

The decisive breakdown happened at 11.15 and the further 2 candles formed at 13.05 and 13.10 has a story to tell. We may find it out only in this week's expiry on what that would be.

The final close was quite strong showing the gap is not filled. 39247 is the final close.

TradingView Chart


5mts chart for the previous week, no major scare to the bullish rally. Only if the further supports are taken out we need to worry.

TradingView Chart

1hr chart also showing no slowing down or anomaly. TradingView Chart

Important support and resistance points

s1:38696, s2: 37947

r1: 39317, r2: 40129


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