January 17, 2015

BANK NIFTY technicals

There are 2 views here.

Bullish view - trend is up with strict SL below 19000 spot. More strength above 19400.

Bearish view - BNF is trading in a rising wedge defined by the trendlines. Sustaining above 19400 will invalidate this view; break below 19000 will lead to correction to 18600 levels. Break of lower trendline will lead to a correction to 17400 levels.

Summary - expect strength above 19400 and weakness below 19000.

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