#banknifty set to test camarilla pivot S3 support 32143 ?

27. Feb. 2022

banknifty weekly close was the lowest in 8 consecutive weeks. There is a sharp pullback from the lows this week and yet it closed at 36431. Institutions we re net sellers on friday by 152cr and also for most of the week. Sentiments remain worrisome and VIX remains high at 26.74. Markets have taken resistance at camarilla pivot R3 and have been moving towards S3 support -32143. If the down momentum resumes, it would well test the levels. Critical to check if PDL levels are respected otherwise there is still cause for concern. Let us hope the 50EMA support on the weekly chart is respected this week--it has been breached 3 times in past 10weeks. If challenged again, it would likely giveaway and 100EMA will be the next support. What do you think?