BankNifty, today day's low is on an important trendline.
Today's low is on a trendline connecting a few earlier bottoms.
B.Nifty is highly oversold on most parameters, besides indicators even the quant data High OI, PCT, IVs has been indicating oversold levels.
If this level 30640-50 sustains, we could see a short covering rally in otherwise weak markets.
Incase it falls below and sustains there, further weakness will be confirmed.
Consider hitting the like button below this chart, if you find it worth, you may also follow me for more of interesting ideas / suggestions.
B.Nifty is highly oversold on most parameters, besides indicators even the quant data High OI, PCT, IVs has been indicating oversold levels.
If this level 30640-50 sustains, we could see a short covering rally in otherwise weak markets.
Incase it falls below and sustains there, further weakness will be confirmed.
Consider hitting the like button below this chart, if you find it worth, you may also follow me for more of interesting ideas / suggestions.