This is a quick Technical View on Bank Nifty
Bank Nifty Technical View
- In the last 2 days Bank Nifty has made same bottoms around 14750 similar to the one last month.
- RSI is on an uptick indicating divergence.
- Major supports on the longer term chart is placed at 14500 which is not faraway from recent lows.
- A double bottom formation can be confirmed only on a reversal beyond 15500-15700 recent tops.
- Similar positive divergences in other bank stocks. But divergences are tricky and make 2-3 lows with smaller differences before a vicious move on upside.
Example of Positive Divergence - Bank of Baroda.
Bank of Baroda Technical View
- Continues to be in a major downtrend.
- Downward channel supports although not very reliable but placed at 115-118
- Last two bottoms at 118 and 116 with positive divergence.
- A pullback to 132-135 in the offing but sustaining that would be a major long term trend change.
Disclosure -
Bank of Baroda has been recommended in Technical Traders Club and Bank Nifty call option recommended yesterday in QuickGains . So it can be a biased view. Please do your own research and risk management.
Nooresh Merani
Securities covered above:: Bank of Baroda.
SEBI Registration disclosure – Investment Adviser INA00002991
Financial Interest:
Nooresh Merani and his family/associates/ analysts do not have exposure in the securities mentioned in the above report/article.
Nooresh Merani and his family/associates/ analysts do not have any financial interest/beneficial ownership of more than 1% in the company covered by Analyst.
Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.
Nooresh Merani and his family/associates/ analysts has not served as an officer, director or employee of company covered in the report/article and has not been engaged in market-making activity of the company covered in the report/article.
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision
Also read the detailed disclaimer – https://nooreshtech.co.in/disclaimer
