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...
- Bnifty has again penetrated into price channel which existed since Dec15
- Mar19 seems to be the best ever month for Bnifty
- Trend is clearly up on all time frames with strong momentum, PSU banks should take the rally forward now
- With same momentum target for Apr19 is 33500 i.e upper trend line of price channel
- 29790 is very strong support on daily basis,...
BANKNIFTY REBOUNDED FROM 29800 LEVELS. Expecting Bank Nifty to Break 30600 Levels Before 14th April Expiry.
BANDPASS FILTER SHOWS UPTREND SUPPORTED BY COMMODITY CHANNEL INDEX
BUY 30100 CALL / BUY BANKNIFTY APRIL FUTURE
HEDGE with 29900 PUT