Did you read our Nifty & Bank Nifty research report in the morning?
NSE NIFTY & BANK NIFTY ARE PREPARING FOR A PULLBACK?
NIFTY:
Before
In our research report, we mentioned, “Nifty has broken down the lower band of channel B. If the price beaks face resistance at the lower band, the price may fall to the support level 17000 – 16912 – 16800.”
I am not an admirer of trend change without confirmation. I also added that The bull trend can only be possible during the breakout of 18121.
AFTER
Nifty has given a pullback of 17276, but fails to break 17300. Nifty Broke down the value area at 17067, and the price has started falling for our mentioned levels.
Premium subscribers booked profit at 16893.
3:05 PM – Nifty reached the first target of 17000.
3:15 PM – Nifty reached the second target of 16912.
3:25 PM – Nifty Made a low of 16824.
BANK NIFTY
I have mentioned in clear words that, “If the price breaks down the parallel channel & sustains below 36500, it will be a bearish signal because 36500 is a pivot level.”
After the breakdown of 36500, Nifty fell by more than 570 points in just 25 minutes.
Premium subscribers booked profits at 36191.
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