Weekly Tech view of Bank Nifty Spot for 05-09-2022 & onwards

Last Friday Bank Nifty closed at 39421.

D to D basis up +120 points.

Daily basis chart formation – Small Doji candle almost at top.

W to W basis up 433 points or 1.11%.

Weekly basis chart formation bullish engulfing – Weekly High 39666 – Weekly Low 37944.

On the Down side :- 39100 -5DMA immediate Support, if breaches then vital short term basis support @38888/800 that is the crucial support for coming week. Should hold but if breaks then 38400/200 (crucial 30dma ). Very major support 37950. Fresh positional basis negativity below that.

On the Upside:- 39750/800 is the major ceiling – fresh break out above that then 40000-40200. Major 40500.

Therefore roughly speaking immediate Sup 38000 & Res 40000.

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Source : Eureka

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