BankNifty strong but overbought, some consolidation possible.
OI gained 5.89% while the index rose 2.22%, LONG BUILDUP after a few days of shorts covering.
PCR raised 4.79%, to 1.073, it is with in higher zone of the range.
IV gained 2.65 points to close at 19.77, ADR reached 12. SBI, Indusind, ICICI, Kotak major contributors. HDFC Bank too gained a little.
Quantitative indicators are kind of overbought, some cool off possible.
580 point rally after 37200 was crossed, 37610-37450-37240-37080 important supports and 37963-38060-
38158-38255 important resistance levels.
RSI 14 rose to 71.4, hourly RSI gained 19 points to close at 81.4.
21 RSI remained above 9EMA on daily, two hours and hourly charts. The gap is too wide today.
ADX and DMI combo is positive on daily and even stronger on hourly charts. Daily ADX climbed further to
26.57, stronger momentum can be expected as long as ADX is rising. All Time High closing for BankNifty seen today.
Instead of chasing, waiting for a dip should be a better idea.
PCR raised 4.79%, to 1.073, it is with in higher zone of the range.
IV gained 2.65 points to close at 19.77, ADR reached 12. SBI, Indusind, ICICI, Kotak major contributors. HDFC Bank too gained a little.
Quantitative indicators are kind of overbought, some cool off possible.
580 point rally after 37200 was crossed, 37610-37450-37240-37080 important supports and 37963-38060-
38158-38255 important resistance levels.
RSI 14 rose to 71.4, hourly RSI gained 19 points to close at 81.4.
21 RSI remained above 9EMA on daily, two hours and hourly charts. The gap is too wide today.
ADX and DMI combo is positive on daily and even stronger on hourly charts. Daily ADX climbed further to
26.57, stronger momentum can be expected as long as ADX is rising. All Time High closing for BankNifty seen today.
Instead of chasing, waiting for a dip should be a better idea.