Yesterday Bank Nifty started the session with a lower opening at 39820 and hit an intraday low of 39745 but recovered quickly and remained in an uptrend in the rest of the session to hit an intraday high of 40371. Settled at 40307, Day to day basis up by +397 points.
Bank Nifty formed an Outside Bar forming & a Bullish Engulfing candle, which is a bullish reversal pattern, on the daily scale and holding to Low of 23 Feb Low 39600.
We have monthly close today so last hour trading should be vital.
On the Up side :- It has to hold above 40250 levels for a bounce towards 40500 then 40750 levels.
On the downside :- support is expected at 40000--39800 then 39600 levels.
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