BANK NIFTY can it resume the rally?
1)Smart pull back from low closes above the Uml of the pitch fork(shown as imp line 2) on Friday.
2)Bank nifty had been facing resistance at the imp line 1 slanted line which is a part of the extension of pitch fork.
3)US dollar surging past the 200 dma with strength, is negative for equity market which was obvious in US market
with Dow declining more than 600 points.
4) FII inflow was good on Friday in Indian stock market
5)Asia pacific market was underperforming compared to those of US and Europe in recent past Hence we may not decline that much this time.
Considering several technical factors and other market conditions prevailing now
Fridays low is crucial if it breaks the low next down side shown in the chart.
if it breaks Friday's high in coming one or two days up ward journey of bank nifty will continue.
we may have gap down opening on Monday and may not break Friday's low at the beginning.
Not at all advisable to sell at gap down and buy at gap up in the beginning at present scenario.
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2)Bank nifty had been facing resistance at the imp line 1 slanted line which is a part of the extension of pitch fork.
3)US dollar surging past the 200 dma with strength, is negative for equity market which was obvious in US market
with Dow declining more than 600 points.
4) FII inflow was good on Friday in Indian stock market
5)Asia pacific market was underperforming compared to those of US and Europe in recent past Hence we may not decline that much this time.
Considering several technical factors and other market conditions prevailing now
Fridays low is crucial if it breaks the low next down side shown in the chart.
if it breaks Friday's high in coming one or two days up ward journey of bank nifty will continue.
we may have gap down opening on Monday and may not break Friday's low at the beginning.
Not at all advisable to sell at gap down and buy at gap up in the beginning at present scenario.
don't forget to like my post.
follow me to get updates.
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