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Banknifty Monthly Chart Analysis

Banknifty Monthly Chart Analysis

Banknifty Monthly chart is posted here. If we take a look at 14 period-RSI, it broke 40 levels the first time after Sep-2001. In the month of Apr, RSI took resistance at 40 levels and we saw a reversal in May.

Also if we observe MACD, it went below the "0" level first time after Nov-2008. If we take look at histogram bars they show very strong momentum than all previous falls.

So the probability of it going much lower than Mar low is quite high.

May open and top (20517/20530) near Banknifty Gann Degree Number of 20400, right now near next Gann Degree No of 17600, and the probable target is 15000 in the next few weeks near Gann Degree Number of 15100.


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