Banknifty Analysis : 02 Nov 2017
On intraday chart, climatic volume was seen near 25.56K to 25.58K. This marked price down and price found further support below 25.5K (Previous supply zone now acting as support ). The next rally to 25.56K was on weak volume, and again strong supply is seen near 25.56K ( up thrust with above average volume ). For any considerable upmove bulls need to absorb all the supply coming above 25.55K. 25.5K and below will act as an immediate support. Lets see how the price volume picture is emerging from this trading range. (This could be an early sign of distribution, perhaps)
On intraday chart, climatic volume was seen near 25.56K to 25.58K. This marked price down and price found further support below 25.5K (Previous supply zone now acting as support ). The next rally to 25.56K was on weak volume, and again strong supply is seen near 25.56K ( up thrust with above average volume ). For any considerable upmove bulls need to absorb all the supply coming above 25.55K. 25.5K and below will act as an immediate support. Lets see how the price volume picture is emerging from this trading range. (This could be an early sign of distribution, perhaps)