Bank Nifty EOD Update Jan 30

Bank Nifty completed Major Wave A at Friday's high of 19795. Wave B is in progress that should go to level of 19000.

Hourly chart shows that Bank Nifty crossed lower line of channel along which it moved in minor wave c of wave A. It also closed below middle BB line on hourly chart. Hourly RSI topped out at 85 level from where it often reverses and MACD has given a negative crossover.

Daily chart shows RSI reversed from overbought level of 72.

Bank Nifty closed below Gann level of 19590(Gann 4 digit No) at 19585. Hence possibility of Gap down opening is high. If opens below 19471(Gann 5 digit No) from where it opened Gap up on Jan 27, then sharp fall can be expected. The target for minor wave a of wave B is in the range of 19200/19000.

Inside Pitchfork:

IP is showing that Bank Nifty facing resistance at upper 1 SD line.

NB

US and Europe markets are down by more than 1%(10.30 pm IST) due to Trump ban on Travel from selected Muslim countries.

Comments

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