Bank Nifty - Past 4 weekly close were above 37457
Bank Nifty looks set for a breakout after consolidating above 37457 for last 4 weeks. All weekly closing have been above this level. On daily chart it made a red candle but closed above this level and also didn't breach the 50% mark on previous day candle.
PCR at 0.57 indicates time for a reversal.
FII selling of 5045cr on fri & 37722cr in jan is one of the highest monthly selling except for covid crash...with another trading day to go. DIIs bought for 3359cr, totalling 18280cr buy in this month. Net monthly sell of of 19442cr is a major impediment to a bullish view.
CPR is wide at 208pts so we could see a sideways market on MOnday, tuesday could see the market breach support (37457) or resistance (38458) levels. What do you think?
PCR at 0.57 indicates time for a reversal.
FII selling of 5045cr on fri & 37722cr in jan is one of the highest monthly selling except for covid crash...with another trading day to go. DIIs bought for 3359cr, totalling 18280cr buy in this month. Net monthly sell of of 19442cr is a major impediment to a bullish view.
CPR is wide at 208pts so we could see a sideways market on MOnday, tuesday could see the market breach support (37457) or resistance (38458) levels. What do you think?
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