Bank Nifty- Budget, Bounce & Bowled - Cracked 42000 to 39500

Feb 1, 2023

Short Video - How Index cracked from 42000 to 39000.

Thanks for watching.


Regards,

Abhishek H. Singh, CMT

Feb 2, 2023

Note

10:40 Hrs / 2nd Feb 2023

Last @ 40200

We got a short term bounce upside post gap down opening but failed to hold 40500.

Short Term Trade-

Next Traders have to buy only above 40700 else avoid buying

Feb 2, 2023

Note

12:00 pm / 2nd Feb 2023

Last @ 40504

If Index holds below 40700 which is current resistance then we expect a drop to 40100
39760
39500

Feb 2, 2023

Note

1:49 pm / 2nd Feb 2023

Last @ 40247

Index dropped to 40065 from 40550-40600 zone but move is quiet slow & suggest we are in the middle of a complex correction.

Further selling only below 40050

Feb 2, 2023

Note

2:16 pm / 2nd Feb 2023

Last @ 40333

Once Index crosses above 40600 - Bulls might become aggressive & Index may start upside move which will be confirmed later crossing above 40700 highs also as 2nd level of confirmation

Looks like Index has psychological support close to 40000 (40K) level

Feb 2, 2023

Trade closed manually