Technical Analysis of the Bank Nifty – By CMA Devarajan Swaminathan

The rally is due to receding fear of recession. Positive US sentiments may be the reason for the 1.5% Nifty gap down being bought into. One should anticipate a rally on Monday 18th July 2022 in Nifty and Bank Nifty.

Suggestion: The DJIA is entering its resistance level and one may expect a pull back. Similar action may happen in the Indian Indices. Consider a short position on the Bank Nifty if there is no follow through above 35300 levels. However, if there is a follow through above 35300 consider a long position on the first pull back.

Disclaimer: People should act according to their own analysis and judgement or consult their own financial advisor. This is an analysis and my understanding of the market action which may or may not be correct. Any loss incurred by any person acting on the above analysis shall do so under his/her own responsibility.

A qualified cost accountant and a freelance technical analyst of financial markets for the last three years who specinvests his own funds.

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