Yesterday Bank Nifty Spot settled at 39666. This was a narrow range bound move with negative bias & day to day down - 139 pts. Technically it formed a small bearish candle supported by 5 DSMA @39550.
On the down sides :- 39550 major 5 DSMA support. If breaches then only other supports are
Immediate basis :- 39222--38984—38888. Break down basis other extended supports are :-
38750 -38600. Should not break. If only breaches then more negativity then 38000.
On the Upside:- Immediate resistance at 39900 & major 40100. If breaches decisively then only other extended Resistances are :- 40277—40480.
Break down support 38500 & Break out resistance 40500.
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