Nifty Daily chart
Nifty has once again reached its previous low. One very important observation is last time when Nifty was at 5700 level RSI was oversold but now it is not. Is this means that Nifty can fall further ?? There are possibilities lets see !!
Bank Nifty daily chart
Yesterday it was mentioned that Bank Nifty has support around 200 DMA long can be initiated if sustainable bounce back happens. But Bank Nifty didn't bounce back. Through out the trading session it was negetive. Since 200 DMA can check the down trend we have booked profit.
Bank Nifty weekly chart
In weekly chart Bank Nifty has breached a very important support level. But there are 2 more trading session in this week so we need to wait for weekly close. . IF Bank Nifty closes below trend line support then we may expect free fall.
SBI Daily chart
SBI has closed below 20 DMA. It can test trend line support. As long as it is below 2190 trend will remain down. We are bearish on SBI.
