BN opened gap down at 38552, crossed the resistance level in the first candle itself. Resistance now became support, although it was tested in the 4th candle by the 10th candle bank nifty was comfortably placed. The price actions after breaking the resistance was nothing spectacular today until 14.45. The last 45mts saw immense short-covering or fresh longs at 39000 level.
Taking into consideration yesterday's price action, what could have happened today should be fresh longs. However i am still not sure who is buying esp when the global macros are we very bad. US markets fell yesterday too.
Meanwhile today's move in bank nifty shows strength and it seems like the move on 22nd Aug was the fake one.
BN really ran out of time to cross another resistance today, hopefully we might be able to see it in tomorrow's expiry
The 5mts viewed for the previous days together doesnt show any trend.
Whereas the 1hr chart shows uptrend continuation, there was a strong support test at 37900 but it held.
s1: 38699, s2: 37949
r1: 39330, r2: 40149
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