BANK NIFTY POST CLOSING COMMENTARY
As per the weekly chart analysis of previous post shared Bank nifty closed below 100 EMA ( Exponential Moving Average) of 53.760.75 on weekly charts.
The previous swing low of 53,561.75 on weekly charts and we said this would act as a support during this week.
Today though the Bank Nifty opened below the support levels. We saw a sharp pull back and markets closing at 54,413.40 above the previous swing low of weekly charts.
Thus, We saw a pull back in Bank Nifty from 100 EMA ( Exponential Moving Average) of 53.760.75 and the previous swing low of 54,413.40 on Weekly Charts.
Todays low of 53,258.15 may act as support in coming days. We may expect further downside only if Bank Nifty Closing below this low on Daily Charts.
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