NSE: BANKNIFTY WEEKLY WRAPUP 30-04-20

Last weeks wrapup, we identified a range based move with no clear direction. As the week started, we identified a low momentum upmove. Price moves up but then these moves dont sustain. We saw a break of the Higher timeframe but no follow thru on the upside. This expiry ended with a deep sell off after after a positive open. Price action at levels is very important. The break of resistance and the follow thru were not convincing. The resistance is now a strong support. if price breaks this support, we may see BNF fall down further. if the levels are held, which is a least probable scenario considering the weak upmove and weak break of a major resistance level.

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Rikk

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