Bank Nifty daily chart
Bank Nifty has almost reached its previous low at Rs.11400. 200 DMA is at 11350. You can see in the above chart that 200 DMA has acted as support twice in the past which clearly indicates that Bank Nifty is at support level. Trend remains down and we need a sustainable bounce back to buy Bank Nifty.
Nifty medium term trend
| Trend | DOWN |
| Initiation Date | 29-11-12 |
| Initiated at | 5761 |
| Low since change | 5692 |
| Reversal if closes below | 5990 |
Thought for the day
One of the funny things in stock market is that every time one person buys , another sells and both think that they are astute - William Feather
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