BharatJhunjhunwala

The RSI has fallen below the 30 levels. If Banknifty fails to

NSE:BANKNIFTY   NIFTY BANK
If we compare percentage wise the fall in Banknifty was less intense than that of Nifty . Nifty corrected 3.71% while Banknifty (that should have been move wild) corrected 3.44% We can see that Bank nifty is also at an important pivot as Nifty is. The RSI has fallen below the 30 levels. If Banknifty fails to save the 28950 levels in the coming week then the selling may intensify and the index may correct further to 28450, 28260 & 28000 levels. For a strong pullback a close above 29350 is required, which may give a relief rally to 29900, 30100 & 30400 levels.

Bharat Jhunjhunwala
MFTA,CMT,CFTe,MSTA
http://www.prorsi.com
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