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Bank Nifty Bulls Are Losing Momentum

Jun 28, 2022

Equities markets witnessed a reversal last week as the NSE Nifty gained 2.7%.

The Bank Nifty rose along similar lines and gained 2.7% last week. This week, it opened with a bullish gap.

But the gap-up faded in an hour yesterday and the index closed down by 336 points from its high.

Bank Nifty Index - Short-term Hurdle

 

The gap-up opening resisted at the 200 HEMA (Hourly Exponential Moving Average) placed at 34,123.

Technically, the 200 HEMA acts as a major support and resistance for short-term traders.

The reversal from average is the sign the bulls are losing momentum. This might create an opportunity for bears.

The Bearish Gap

The gap-down opening of over 2% (33,750-34,500) on 13 June 2022 will act as a major hurdle for bulls.

Bulls need to the index to close above 34,500 to confirm the medium-term trend reversal.

As a trader, the rise towards 33,800-34,000 might be an opportunity for shorts until the index closes above 34,500.

At present, the Bank Nifty index is trading down 0.8% at 33,530 levels.

I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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