Here is a composite profile of the BN like the one posted on the Nifty.
The profile on the left is the move from 11040 to 11900 and the one on the right is what transpired this week.
The difference between this profile and the Nifty consolidated one, is that the value areas jump at you immediately.
Value has been created downwards and the single print from 11040 has been filled which means that the buyer has given up at these levels.
There are new lows in store for the BankNifty and by extension that is not good news for Nifty Buyers.
11280 and 11490 are levels which stand out and would be places where the seller would return should there be a technical bounce.
