Postmortem on #BankNifty — 12 SEP 2022

Bank nifty as flat as it can be, opened gap up at 40540 and closed at 40561. If we ignore the 2nd & 3rd candle — the rest of the day was traded with stability & calm. For a moment i thought BN was planning to trend down when i saw the 2nd candle, but it was more of a gap closing trade symbolizing few traders taking profits or exiting an unplanned trade.

Analyzing today’s movement shows a hiccup for BN to move up — it felt as if it did not want to go up any higher. But since it didnt want to go lower either — may be seen as a sign of strength. Other main indices Nifty50 is showing strong uptrend.

May be in a day or 2 BN will continue in its upward trend. Only if the US CPI data comes as unexpected we can see a fall in current levels

5mts chart for the previous days viewed together — confirms current trend path

1hr chart also shows same data — no anomaly.

Bank nifty important support and resistance lines 
s1: 40149, s2: 39738 
r1: no resistance line because BN near ATH