BankNifty - Took support from Trendline, but weak overall.
If we go by just the trend line, Bank Nifty closed at a more comfortable level. But as you know, it continues to remain weak 9/34 EMA System. Let us see how it behaves with the trendline tomorrow. (the EMAs shown in the chart are 50 & 100.)
The RSI value is below 40, B.Nifty is trading below 20 and 50 Daily EMAs and close to 100 Day EMA, which is at 30786, the trend line point is also located somewhere very close to this level.
The quantitative data too suggests short side massive buildup in Futures, PCR, Options open interest, IVs/Vix all are indicating downside and oversold markets.
In a nutshell, 30780 is a very important level on the down side, we may see further downside if Nifty breaches this level.
The RSI value is below 40, B.Nifty is trading below 20 and 50 Daily EMAs and close to 100 Day EMA, which is at 30786, the trend line point is also located somewhere very close to this level.
The quantitative data too suggests short side massive buildup in Futures, PCR, Options open interest, IVs/Vix all are indicating downside and oversold markets.
In a nutshell, 30780 is a very important level on the down side, we may see further downside if Nifty breaches this level.