Is Bank Nifty ready for an impulsive move? Know the crucial levels to watch out for intraday trades!
Unless it closes above 33,110, it is better to avoid long positions.
Bank Nifty on Wednesday closed in negative terrain and confirmed the previous day's shooting star candle. It has also moved below the previous day's low during the day.
Furthermore, it closed below the moving average ribbon along with the MACD line below the zero line on a 75-minute chart, which is negative for the index. The MACD is about to give a sell signal. Even on the daily chart, the price structure is not healthy for the bulls. Unless it closes above 33,110, it is better to avoid long positions. Most importantly, it is trading within the last week's range. This range has to break on either side for an impulsive move.
Bank Nifty traded in the first hour's range and is below the moving average ribbon. A sustaining move above the level 32,934 would be positive and it can test 33,150.