March 30, 2015

Bank nifty chart analysis

  • On closing basis crucial number on daily chart is 17830. Bulls need to stay above this level on closing basis to avoid a test of 200 SMA.
  • Price action in weekly chart is not looking all that encouraging for bulls as can be seen in 3rd chart.
  • Daily RSI is oversold, But if this is going to be a trending down move the oversold can remain oversold for long time. So its crucial for Bulls to stay above 200 SMA for an up move to happen.

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