BankNifty, today day's low is on an important trendline.

Today's low is on a trendline connecting a few earlier bottoms.

B. Nifty is highly oversold on most parameters, besides indicators even the quant data High OI, PCT , IVs has been indicating oversold levels.

If this level 30640-50 sustains, we could see a short covering rally in otherwise weak markets.

Incase it falls below and sustains there, further weakness will be confirmed.

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