Find out which level is crucial for Bank Nifty after a volatile day!

Karan Dsij
/ Categories: Trending, Mindshare
Find out which level is crucial for Bank Nifty after a volatile day!

he current price structure has taken shape of a pennant-like pattern, which is a continuation pattern.

Bank Nifty has formed a long-legged small body candle. After over 800 points of volatility, it failed close above the 8-EMA. This crucial short-term moving average has been acting as strong resistance since June 7. The index had made two attempts in the last three days; however, both proved to be unsuccessful.  

The current price structure has taken shape of a pennant-like pattern, which is a continuation pattern. The RSI has reached near the zone of 40 and the histogram shows a declining momentum. On a 75-minute chart, it closed in the moving average ribbon, showing a neutral stance. For now, wait for a move above 33,200 for an upmove. If it trades below the 32,800 level, it is better to avoid long positions. 

A move above 33,200 is positive, and it can test 33,527. Maintain a stop-loss at 33,050.

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