SHORT BANK NIFTY

By analyzing the long term view in the monthly , weekly and daily chart , bank nifty is likely to follow the current downward trend . The trend will continue for one week and after that we could see an upward trend . Also the current prices are below 200 moving averages , so currently we could not be bullish on nifty , considering the long term view . The RSI is also in a downward trend thereby confirming our short term view to be bearish . there is also a possibility of the market going sideways , in that condition we will have to wait until we see a further confirmation. The breaking of the upper trendline will result as a confirmation of bullish trend. the target prices in downward trend will be around the levels of 34500 and in upward movement we could target 36700 levels within the next 2 weeks BANKNIFTY