July 5, 2011
BANK NIFTY DAILY
STATE BANK OF INDIA DAILY CHARTS
- Bank nifty is slowing down near 200 DMA.
- Price has given a doji candle near 200 DMA. Doji shows indecision and when it comes near moving important moving averages or trend lines it usually lead to a good move in either direction.
- SBI is pausing at 38.2% Fib resistance level and near 50 Day moving average. Price should sustain above these levels for this up move of SBI to continue.
- India Vix seems to be making a bottom. If stochastic starts to move up then we may see the VIX move up.