Postmortem on Bank Nifty — 14 Jul 2022 — weekly expiry
BN opened at 34817 almost at the same level it closed yesterdays trade. On the smaller timeframe, 5mts the trend shows continuing downwards almost with the same slope.
The closing was just below the support line of 34730
If we observe the last 3 days pattern, it shows a reversal at 35500 level
On a higher timeframe of 1hr, the BN may have made an interim double top in a continuing downward trend. If BN continues to break the upcoming support lines — then the drop may pick up momentum.
Important support & resistance levels
s1: 34372, s2: 34120
Originally published at https://viswaram.substack.com on July 14, 2022.