$NIFTYBANK.NSE has attempted for the fourth time the 39600 low. The one major difference from the last three attempts is that the selling pressure is far more intense today. Will the index bounce off this support again tomorrow or will it head downward?
On one hand, the US markets seem to be turning around. The fears of SVB contagion have been contained for now. That might offer some tailwind for $NIFTYBANK.NSE .
On the other hand, looking at purely the price action, buyers don’t appear to be anywhere in the vicinity. If the support of 39600 breaks tomorrow, we could see a further slide to 38000 – 37500.
I will back myself to go short again tomorrow if there’s any sign of weakness.
Ashish Deodhar 