Last Friday Bank Nifty opened positive at 34734 but failed to cross <5dma> 34950 hurdle and corrected upto 34464 in the first half of the session breaking the double bottom Gap support 34550. But It took support near to its 50 DEMA and witnessed a recovery towards 34720 in the second half of the session.
Finally, the index closed positive with the gains of 32 points at 34683 but continued the formation of lower high - lower low in the last four sessions.
Now it has to cross and hold above the 34950/35000+ zone to witness an upmove towards 35500 levels as a swing basis while on the downside, support is seen at 34444 and if breaches then major 34000. Major expected Swing range 35500-34000.
Intraday basis :-
On the Up side Resistances are :- above 34750—34950—35050. Major 35200-35333.
On the downside Supports are :- 34630 -34530 & then major 34444 to 34300.
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