If we compare percentage wise the fall in Banknifty was less intense than that of Nifty. Nifty corrected 3.71% while Banknifty (that should have been move wild) corrected 3.44% We can see that Bank nifty is also at an important pivot as Nifty is. The RSI has fallen below the 30 levels. If Banknifty fails to save the 28950 levels in the coming week then the selling may intensify and the index may correct further to 28450, 28260 & 28000 levels. For a strong pullback a close above 29350 is required, which may give a relief rally to 29900, 30100 & 30400 levels.
Hi Bharat, I am a follower of your posts and videos, have learnt quite a few things from you. Thanks.
Have noticed a RSI and MA combination, you have used in this chart, could you please specify values of this bottom one, is it 3 period RSI and 3 MA, pls confirm.
Regards.
Puneet
ipuneet
⋅
@ipuneet, got my answers, it is indeed 3MA on 3RSI, i guess it is used like stochastic RSI.
Have noticed a RSI and MA combination, you have used in this chart, could you please specify values of this bottom one, is it 3 period RSI and 3 MA, pls confirm.
Regards.
Puneet