The index pulled back on Friday on probable stimulus hope by the government. Looking at the charts we can clearly say still there is no relief in selling. The RSI has fallen deep below 20 which indicates bears are in full force the MACD histogram is negative and trend still bearish. A single bullish day will never warrant a trend turn. 9300 level is immediate resistance while 9800 will be a major one, above which extended pullback may be witnessed towards 10900 levels. However a failure to survive at the resistance may push Nifty down to 7650 & 5500 levels! At this moment the targets may seem weird but the ways things are shaping up these may be realty soon.
Can you analyse Bank Nifty too and share it please ?
Regards
Srikanth