Bank Nifty Daily Review 17-04-15

Well as posted earlier, Bank Nifty just crashed after testing the trendline on very high volumes. Today was a continuation of the negative bias and all small rally were a shorting point for traders. Going forward things look more negative for Bank Nifty now that it is below all moving averages and supports are small. The resistance will be at 18530 where the 20 dma is present. Till that level is crossed all small rallies can be shorted into for fruitful gains. Although we closed at the 50% retracement of the earlier rise, I believe it was corrective in nature and a fall below 18120 will confirm the fact.

banknifty11

Targets – 18120,17965

Resistances – 18530,18700

Support – 18224,18160

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s