yossarian121

Needs to reverse to validate the setup

RSI divergence (bearish setup ) on Bank nifty

Gann resistance coming up

At trendline resistance

Big cut last week

Frustrating since last few weeks. This is it. not much left on the downside

Strong reversal post results

Trendline was broken to the downside and has been retested twice on the rebound. This will exert pressure on rebounds

Nifty can turn down sharply from these levels. Bulls need to be cautious. Bears can short around 10660 with a 30 point SL

Have not seen this degree of Nifty mgmt for a long time. High Oil, EM index meltdown, Carnage in Indian midcaps and small caps, US mkt fall, INR depreciation - nothing takes it down. Heartbreaking for India small/ mid cap investors as they compare nifty with their portfolios.

ONGC trading cheap vs crude, fair value close to 230-240 @ current crude levels. P/BV @ almost 1.0. Dividend yield of 3.4%