Bank Nifty makes a big red candle but..

5 apr 2022

Bank nifty made a big red bearish candle today but did now breach yesterdays'low--which is a big positive given there was a gap up opening yesterday. So the gap will act as a support in case there is further move downwards. Banknifty made a close above 50/100/200EMAs for third consecutive trading session....which is again adds to strength. FIIs and DIIs were both net buyers which should support an upmove. PCR is at 0.88. Vix went up to 18.48 which is also fine. CPR is 186pts wide so will act as a barrier as banknifty tries to move up tomorrow. We could see banknifty struggle to breach CPR or take resistance and move further down. View for the week continues to be bullish with 39k very much still possible. What do you think?