Bank Nifty moved down as expected.
Hourly chart shows Index bounced back from RSI 25 level as I mentioned in yesterday's post that hourly RSI 25 level is providing good support. Target of 17600 is almost done (Today's low was 17607). Index moved out of hourly channel(Brown) and also faced resistance at lower line of channel. This opens possibility of further down move.
17600 is 3 digit Gann number. Breaking 17600 will take Index towards 17300/16900 levels.
Inside Pitchfork's 1 SD line provided support today. Index bounced from same level after RBI low on Dec 7. If this is broken then sharper move on downside can be seen towards 17000/16900.
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