Bank Nifty Spot Tech Analysis for 03-10-2022 & onwards

Last Friday after flat opening near 37660 and low printed at 37386 a mammoth surging & massive recovery. Bulls were in complete charge after MPC meeting, technically strength resumed after crossing 38200/400 range< 5DSMA> . It touched an intraday high of 38811 and closed with handsome gains of 984 points at 38632.

It has formed a bullish engulfing candle on a daily scale and negated its lower highs of the last seven sessions. It formed a Hammer candle on the weekly frame with a long lower shadow indicating buying interest from the lower zone.

On the Upside:- For further up move it has to hold above 38500 then may move towards 38888-39100 and 39250 levels, Major 39400-39600.

On the down side:- 1st support placed at 38200/38000 mark. If breaches then 37855—37650.

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