Bank nifty has retraced 61.8 percent of its decline. now in over bough condition. Intermediate line of pitchfork offering resistance. and divergence is there between price and oscillator.
today it failed to sustain above 38550
stochastic is over bought condition but it does not mean it should decline as it has been in over bought condition for the last more than 5 days
but here buying appears to be risky after this rally we should wait for bank nifty to sustain above 38550 or take out this resistance line.
it has now resistance around 38370 Under these condition it is susceptible to selling for any slight adverse international or national news.
please go through my previous published chart of bank nifty and nifty.
don't forget to like my post. follow me to get updates
today it failed to sustain above 38550
stochastic is over bought condition but it does not mean it should decline as it has been in over bought condition for the last more than 5 days
but here buying appears to be risky after this rally we should wait for bank nifty to sustain above 38550 or take out this resistance line.
it has now resistance around 38370 Under these condition it is susceptible to selling for any slight adverse international or national news.
please go through my previous published chart of bank nifty and nifty.
don't forget to like my post. follow me to get updates
