Weakness Persists in Bank Nifty

Weekly Chart 

 Daily Chart 

 Hourly Chart

Bank Nifty has already retraced around 55% of the rise from March lows showing bear strength.A fall below the 61.8%  level of 19598 will probabaly lead to make fresh lows.

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Lakshmi Ramachandran

Downtrend confirmed

Weekly Chart 

 Daily Chart 

 Hourly Chart 

The pullback on the last trading day will hit strong resistance in the 11100 to 11200 area as marked in the chart below.

Hourly Chart showing Resistance

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Lakshmi Ramachandran

Range Bound Markets

Weekly Chart 

 Daily Chart 

Hourly Chart 

Bank Nifty Weekly Chart

Bank Nifty Daily Chart

The sideways move on Nifty could break out either way.Bank Nifty is clearly drifting down within the range. 

 I would continue to be cautious. 

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Lakshmi Ramachandran

Bank Nifty Confirms Bearishness

Weekly Chart 

 Daily Chart 

 

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Lakshmi Ramachandran

Lower high Lower low in place

Weekly Chart 

 Daily Chart 

Nifty has recovered 50 % of the fall from 11794 to 11185.A lower high lower low is in place confirming a short term downtrend. Only a close above 11585 will negate this.

 Five Minute Chart 

The correction is within a falling channel as shown on the 5 minute chart.A breakout from the channel will be the first sign of the upmove resuming.

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Lakshmi Ramachandran

Reigning The Bank Nifty 7th September 2020

Weekly Chart 

A Dark Coud cover is a bearish reversal pattern and the Bank Nifty has formed a classic pattern of the same on the weekly charts.

 Hourly Chart 

Technically bearishness will be confirmed only on a break of the 21028 lows.

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Lakshmi Ramachandran

Nifty could see a reversal

Weekly Chart 

The weekly candle formed a bearish engulfing candle. The pattern indicating a reversal is quite strong as, Nifty has been in an uptrend since almost 24 weeks,

the pattern formed with the bearish candle which totally engulfed the previous bullish candle,

and, the size of the bearish candle was significant. The hourly chart depicts the intensity of the fall.

The oscillators are showing negative divergence.

 Daily Chart 

The uptrendline of the upmove from April lows has been broken by the bearish candle and Nifty has failed to close above it since.

 Half Hourly Chart 

Till the gap and lower high of 11585 is not taken out the Nifty remains weak.

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Happy Trading !! 

Lakshmi Ramachandran

Update 1st September 2020

Monthly Chart 

 Daily Chart 

 Bank Nifty Daily Chart 

We need to see further action to decide futher trades.

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Happy Trading !! 

Lakshmi Ramachandran