Monday, January 27, 2014

Bank nifty Technical chart

Hi friends,
                   Had posted banknifty last week and expectation was if 11200 is not crossed
we are in for further weakness.
Read old post here Bank nifty .
Lets look at the present picture of banknifty .
I figure out from chart the fall is making abcde and right now we are in e wave.
And we are nearing 50% retracement of total rise from september 2013 8600.
Tom morrow being RBI policy and e wave down happening,Chances are high
that we make a short term bottom in banking .
If we make a bottom tomorrow that would end the first leg of correction or Aleg.
Waiting to see what Rajan does tomorrow fingers crossed.



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