It was NR7 day for bank nifty on last Friday,(for nifty too)
As such bank nifty has shown strength comapred to nifty
and has not violated the March low.
Compared to Dow and Nasdaq indian indices have out performed.
Both Dow and Nasdaq have violated march low and infact slipped to one fibonnacci level lower than respective march levels.
Dow had bounced from 23.6 percent of its bull run in march but this time it has slipped to 38.6 percent and has bounced from there.
Nasdaq has slipped to 50 percent level this time.earlier it had bounced from 38.6 percent.
Bank nifty has bounced from lower trend line as shown by arrow.
Both the trendlines shown in the chart forms a symmetrical triangle.
This week is crucial for bank nifty.On weekly time frame it forms inside bar.
On daily time frame stochiastic is just emerging out of oversold condition.
Any cooling in inflation and Dxy (dollar index) will fuel bank nifty.
its immediate target is 20 dma which is at around 34200.
Follow me to get regular updates and don't forget to like this post.
please go through my previous posts of bank nifty and relliance and tcs attached here with
As such bank nifty has shown strength comapred to nifty
and has not violated the March low.
Compared to Dow and Nasdaq indian indices have out performed.
Both Dow and Nasdaq have violated march low and infact slipped to one fibonnacci level lower than respective march levels.
Dow had bounced from 23.6 percent of its bull run in march but this time it has slipped to 38.6 percent and has bounced from there.
Nasdaq has slipped to 50 percent level this time.earlier it had bounced from 38.6 percent.
Bank nifty has bounced from lower trend line as shown by arrow.
Both the trendlines shown in the chart forms a symmetrical triangle.
This week is crucial for bank nifty.On weekly time frame it forms inside bar.
On daily time frame stochiastic is just emerging out of oversold condition.
Any cooling in inflation and Dxy (dollar index) will fuel bank nifty.
its immediate target is 20 dma which is at around 34200.
Follow me to get regular updates and don't forget to like this post.
please go through my previous posts of bank nifty and relliance and tcs attached here with
Comment:
Comment:
Dow has slipped to 38.6 percent level violating previous low at 23.6 percent.
Looking at this nifty and bank nifty both have hold on to their levels.
Looking at this nifty and bank nifty both have hold on to their levels.
