Monday, January 20, 2014

Banknifty Technical chart

Hi friends,
                   Looking at Banknifty chart ,I rarely trade on banknifty its supposed to be
quite volatile,I try options at times when i get confident.
Anyhow coming to the chart ,I see following on chart.

We can see from chart that we have finished abcde on 9th dec 2013 and are in correction
after that a slow correction,Now this index would show strength above 11200 below that it would continue its slow downward correction we Have retraced total rise of abcde 38.2% .
Looking at stocks within Banknifty PSU banks and Private banks have diffrent structures.
Banknifty is on watch for next few days to see if it shows strength and goes above 11200 or not.



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