Bank Nifty looks bearish
Indices had volatile moves on July 5th, 2019. As it was budget day, indices moved up and down as per the announcements made in the budget speech.
Now, that budget is out. Analysis is going on about effects of these announcements on Stock market. You can read about the analysis of the budget 2019 here.
In this volatile day, BankNifty has presented a very clear chart formation. As you can see in the image above, in 1 hour timeframe chart, the bank nifty is showing weakness.
The RSI is falling throughout the day, even when BankNifty made new high before falling and closing near the lower end of the day.
This formation along with last bar close a good case of bearish setup for Bank Nifty.
Out outlook for Monday is short for banknifty and unless the high is Friday is taken out, the next support is seen at 31000.