August 28, 2011

BANK NIFTY Weekend Update

  • Bank Nifty Weekly stochastic shows that the selling may finish by next week.
  • We have a support zone around 8806 level. But after that the Fib level and the next supports are way below near 8300 and 8150 levels.
  • So price should stop falling near 8800 levels. If it goes below this level then the pain for bulls might continue.
  • Look for daily reversal candles. We shall see some strength only above 9200.

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