Bank Nifty Closing Negative: Danger looms on Bank Nifty, know why there may be a big fall? – Bollywood Keeda

Bank Nifty Closing Negative: Last week some good movement was seen in Bank Nifty and it also broke the level of 47000. However, the weekly closing was below this level. Overall, Bank Nifty got good upward targets from Monday to Friday. On Friday, Bank Nifty closed flat to negative. During Friday’s trading session, Bank Nifty closed at the level of 46812. Whereas there was a decline of 108 points. On the daily chart, Bank Nifty has formed such a structure that it seems as if it is struggling to go up.

On February 21, there was a good rise in Bank Nifty and it reached the level of 47364. But after this the resistance level became active in Bank Nifty. Next day on 22 February, a low of 46425 was also seen in Bank Nifty.

It is visible on the daily chart that Bank Nifty is not getting any trigger to go up. Among private banking stocks, ICICI Bank, HDFC Bank, Axis Bank, IndusInd Bank showed strong gains and gained momentum last week. But now it seems that the banking index is getting tired.

Unless Bank Nifty closes above 47300, it seems difficult to see any new level on the upside. If Bank Nifty falls from here it will not only be a retest of the previous trendline break out. In fact, if there is a big move, it could be a breakout failure.

If Bank Nifty falls below 46000 on closing basis then it may fall further. A level of 45000 can be seen. Any close below 45000 level will be a complete breakout failure. After which there may be a big fall in Bank Nifty.

At present, Bank Nifty is at a level from where if any trigger is found then there can be a brake on the rise. It can also decide the upward direction. But for this it is necessary that it somehow closes above 47300.

The lower level of Nifty in the bank has been tested several times. If now Bank Nifty somehow falls below the mark of 47000, then there can be a big fall in it.

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