Assuming the fast slide on bank nifty over the past couple of weeks to be the primary trend, I conclude this to be a slower retracement towards 61.8 percent of fibs, a buy from the given levels would be recommended; with an aggressive stop at the red mark
Bank Nifty presented a very interesting set up on Friday 5th July 2019.
WIth higher high but sliding RSI, it shows a bearish setup.
For Monday 8th July,'19 unless the 5th July high is taken out, the outlook is bearish with 31000 as next support.
Though there is positive RSI divergence Bank Nifty 30 min and 60 min charts, BNF is still struggling to go up.
Today's (14-May) open high is proving difficult.
This suggests that BNF is still far from bottom and we may see a fall today or tomorrow before recovery starts.
Bank Nifty gave a good fall today. But, now BankNifty index is nearing long term support levels.
Thus, the question is will Bank Nifty fall more or the low today is near term bottom?
As, we can see in hourly chart, RSI is showing positive divergence with lows made by Bank NIfty spot.
It shows that maybe we will see a limited down movement right now and may...
The big red bar ( bearish engulfing in TA terminology) of Bank Nifty Index on 18th April, 2019 is showing sign of current bull run getting tired.
On top of that daily RSI is also showing divergence.
But, till BanK Nifty Spot any more weakness will be confirmed only after a close below 29630.
NIFTY Bank Index is comprised of the most liquid and large capitalised Indian Banking stocks. It provides investors and market intermediaries with a benchmark that captures the capital market performance of Indian Banks.
Nifty Bank has been rallying for weeks breaking all time highs at 28400 a few weeks ago. There is a very strong weekly demand imbalance created...
Used LongBuyLongSell and ProfitMaximizer for this analysis.
BANKNIFTY has followed a certain pattern which is likely a price action.
As you could visualize in the chart BANKNIFTY making tops and bottoms in Zig Zag manner.
Now at present ,It is very weak and the strength meter shows it is more weak .
What is next :
Price drop will start from here ,Nice...