Bank Nifty
Daily charts show no hope of recovery. In fact, the daily charts have just gotten into a bearish cross over in the EMA along with the MACD and its' histogram.
Hourly charts on the other hand give me some hope. MACD and histogram have given the initial bullish reversal pattern. RSI is in an up-trend too. The confirmation would be when the EMAs give us a strong crossover.
15 min charts are not interesting again but we cannot deny the fact the the chart has a new up trend. The up trend is not very strong or prominent but it does look like a sunshine in the meadows. RSI on the other hand is over the 50 mark and in the bull zone but MACD looks weak now.
Overall, I feel that we will see a small running correction tomorrow. I am still not confident because of the MACD signals on the daily chart.
CMP:- 37272.80
Support (low made today):- 36647.75
Daily charts show no hope of recovery. In fact, the daily charts have just gotten into a bearish cross over in the EMA along with the MACD and its' histogram.
Hourly charts on the other hand give me some hope. MACD and histogram have given the initial bullish reversal pattern. RSI is in an up-trend too. The confirmation would be when the EMAs give us a strong crossover.
15 min charts are not interesting again but we cannot deny the fact the the chart has a new up trend. The up trend is not very strong or prominent but it does look like a sunshine in the meadows. RSI on the other hand is over the 50 mark and in the bull zone but MACD looks weak now.
Overall, I feel that we will see a small running correction tomorrow. I am still not confident because of the MACD signals on the daily chart.
CMP:- 37272.80
Support (low made today):- 36647.75