NIFTY BANK | PRE MARKET | 20 JAN ~ 24 JAN 2025
NIFTY BANK ended the previous week with an indecisive Bearish Pin Bar type Weekly Candle.
Last Fridays Daily candle closed with a Bearish Pin Bar which as per my view has formed an intermediate bottom.
However, price is still trading below key moving averages. This means the trend is intact and Bearish in nature.
Price also is in oversold zone in comparison to NIFTY.
If BN gaps up towards 49,400 levels, we can expect that level to break if it happens within the first hour.
In case of a flattish opening, look out for Bears who can possibly get trapped and then a Bullish move on the upside towards 49,400 level.
In case of gap down opening, I would not be interested in shorting and will look out for some kind of price action for further confirmation.
Overall, BN looks overstretched and is showing tendency to reverse.
Last Fridays Daily candle closed with a Bearish Pin Bar which as per my view has formed an intermediate bottom.
However, price is still trading below key moving averages. This means the trend is intact and Bearish in nature.
Price also is in oversold zone in comparison to NIFTY.
If BN gaps up towards 49,400 levels, we can expect that level to break if it happens within the first hour.
In case of a flattish opening, look out for Bears who can possibly get trapped and then a Bullish move on the upside towards 49,400 level.
In case of gap down opening, I would not be interested in shorting and will look out for some kind of price action for further confirmation.
Overall, BN looks overstretched and is showing tendency to reverse.
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