Banknifty Bearish move !!

The attached chart and the Volume analysis on Banknifty. Banknifty has broken a major diagonal wall of the daily chart downward on 20th July and standing below that. Are we entering into a bear pocket !! The answer will be a little logic-based.

Last 3 days there was a good COI buildup happen in the index with a decrease in price, which means SHORT BUILDUP eventually monthly COI also building up with a negative price movement also. So, Short buildup in both the scenario. We can say yes the bank nifty is weak.
* If we check the price action you will find a sleek demand zone around 34100-33900. This week's support zone is the only hope of revival of the index as per the data. If that breaks next support zone will be 32170-31900.

* Now, if the index is sustained at the present range or takes the 1st support then also the journey of Banknifty will not be that smooth because the index will create a top flat channel with an increasing VIX.

This analysis is not for trading and only for the information.

註釋

Banknifty Index must break and stand above 35067 by EOD basis for a bullish interest. Else otherwise...