March 13, 2013
- Daily chart is in a sideways move with price correcting from the top of the range. Closing below 20 Day SMA would extend the move towards the bottom of the range.
- Weekly charts shows the up trend still intact. Weekly bullish trend will be challenged only on price violating the up trend line from 6.9 and closing below 23.6% Fib level shown in last chart.
- First chart shows the ongoing bounce with fib levels and 20 SMA. Price must sustain above 20 SMA and 23.6% Fib level for avoiding a bigger correction
- Second chart shows crucial resistance levels in daily chart with 100 SMA and 50% Fib level.
- Last chart shows price weakness at the neck line. Bulls must cross this level on closing basis to avoid a bigger fall.
- BANK NIFTY LIVE CHART- 5 MINUTES TIME FRAME
- Daily chart shows price trying to stay above 20 Day SMA.
- Second chart shows price in a range and the Last chart shows Previous support zone and 38.2% Fib level combining to form a crucial resistance area. So bulls must sustain above 20 SMA and break above these resistance levels for a bigger up move to happen.
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