BankNifty - Took support from Trendline, but weak overall.

If we go by just the trend line , Bank Nifty closed at a more comfortable level. But as you know, it continues to remain weak 9/34 EMA System. Let us see how it behaves with the trendline tomorrow. (the EMAs shown in the chart are 50 & 100.)

The RSI value is below 40 , B. Nifty is trading below 20 and 50 Daily EMAs and close to 100 Day EMA , which is at 30786, the trend line point is also located somewhere very close to this level.

The quantitative data too suggests short side massive buildup in Futures , PCR , Options open interest, IVs/ Vix all are indicating downside and oversold markets.

In a nutshell, 30780 is a very important level on the down side, we may see further downside if Nifty breaches this level.


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