banknifty Closes at 200MA, 36100 / 35100 are next support levels

18. Apr. 2022

Banknifty tumbled to take support at 200MA, if this support is breached then next support is at 36100/35100 as two gaps remain to be filled below todays close. FIIs are at an overdrive selling unprecedented levels today and retail investors are pitching in through DIIs and direct buys to sustain the market. Unless VIX cools down below 18, we will need to wait for long term investor money to come in. Banknifty is inside a downward channel with LHs and LLs pattern indicating that some more pain is in store.