January 9, 2014

BANK Nifty Chart analysis

  • Price sustaining below 50 Day SMA will favor bears of Bank Nifty.
  • Weekly MACD shows bearish alignment and Needs a weekly close below 5 week low EMA. 
  • Recent attempt to break above the weekly cloud has failed. For a bigger up move price must sustain above the cloud.
  • Above Bearish View will weaken if price starts to trade above 50 Day SMA.

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