Bank Nifty futures as of last Friday made a low of 35642.6 with extreme indication – signals momentum exhaustion on the hourly timeframe as it reached -3 standard deviation levels. Bank Nifty still trading above the previous monthly low 35459 levels and holds a multi-week breakout failure pattern since the last two trading weeks which possibly brings medium-term uptrend.
Last Friday Bank Nifty formed a b shaped profile structure indicating a long liquidation and thinking from the bullish perspective only price acceptance above 36075 could bring more positional bullish trading odds and could also bring a possible bullish trading sentiment and medium-term trend has the odds of revisiting towards the R-PPOC levels – approx towards 38300 levels..
