Previous week we saw decent fall in Bank
Nifty and it has closed below all MAs. BN is looking very bearish. But is it
all? Let’s see..
The broader picture...
After giving selling cross in stochastic,
till date BN has broken all trendline support and trading below it. We have
another three trading days to go, BN has to save 11150 level to get some
breather. But till it is trading below 12050, it is short on rise. Only a close
above 12050 may change the scenario for the time being.
The medium term...
Although weekly chart of BN is looking very
bearish but hope starts to build in no-confidence zone. As the weekly chart
suggests 10350 is decent support and weekly closing above 10810 is hood for
some 500-600 (or more) points upmove. As of now weekly chart is oversold (although
it can be in oversold zone for long only price may confirm upmove) and may look
for some respite before fall again.
The immediate term...
On 30 min chart, we can see positive
divergence till closing and it may have some effects with some upmove. As per
30 min chart, 11200 level is decent resistance.
Levels
5EMA: 10747 21DEMA: 11198 5DSMA: 10825 5WEMA: 11243
Wish you happy trading...
No comments:
Post a Comment