October 21, 2014

BANK NIFTY closes at new high

BNF closes at new high... first buy signal was few days ago on 5 day swing charts and today would be a buy signal on 20 day swing charts.

Note that signal reliability is likely to be low as this index has been rangebound for last few months.

Also, RSI is already close to hitting resistance.

If you are positional trader in BNF, it is better you use hourly charts (in which case you would already be long).

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