Pre-Open daily tech view of Bank Nifty spot_22-08-2022

Last Friday after higher opening at 39733 & weekly High printed at 39759, but failed to sustain there & immediately correction started and remained under pressure throughout the session to hit a day's low of 38848 <9DSMA>, that was weekly low too. Bank Nifty closed just below 39000 at 38985, Day to day basis down -670 points erasing the last week total gains and formed a large Bearish Engulfing candlestick pattern on the daily charts. This was the 1st time lower closing after 8 days consecutive rally .

After last Friday’s big profit booking which was highly expected from such extreme over bought situation the trend is likely to remain sideways to negative in the near term.

Major Supports are :- 38500—38200 & 38000 &

Major Resistance are :- 39100—39250 & 39440.

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Source : Eureka

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