Postmortem on Bank Nifty — 15 Jul 2022
BN opened right at the resistance area of 34734 made an immediate surge of 162 points in the first candle itself. Over the next 2 candles it gave up the gains as well as fell below the resistance line.
From 9.40 to 14.30 BN traded in a range as denoted by the yellow lines. During the last closing hour it attempted to break the resistance but fell short.
If we analyze the chart pattern of the last 4 days, it shows a consolidation around the 34500 to 35000 area. Either BN might be taking a temporary pause for further upmove (short term trend) or it may fall with more ferocity (medium term trend)
medium range trend ( 60mts)
Important support & resistance points
s1: 34363, s2: 34120
Originally published at https://viswaram.substack.com on July 15, 2022.