ANK NION TECH-CARDS…..Trading in rising wedge…Moving towards upper end..
On mid term frame Bank-nifty is clearly in uptrend and has been trading in clear parallel channel since past one odd year.
Short term action too in an uptrend but has formed a rising wedge with negative divergence in overbought region which is a
sign to get cautious and take partial profits on every rise. For extension in current rising action, BN must move above
12800/900 range. Any action above this will only allow BN to test channel’s upper end currently placed near 13600/700
zone. On the other side, resisted action in the range 12500-900 and a move below 11900-12000 can turn the short term
trend down and force BN to test back crucial supports on the downside to keep mid term trend up. On indicators RSI has a
triangular move having support near 50/55 region. Any action below the same will be a negative sign for BN. For now one
must stay away and be watchful on mentioned support resistance ranges.
On mid term frame Bank-nifty is clearly in uptrend and has been trading in clear parallel channel since past one odd year.
Short term action too in an uptrend but has formed a rising wedge with negative divergence in overbought region which is a
sign to get cautious and take partial profits on every rise. For extension in current rising action, BN must move above
12800/900 range. Any action above this will only allow BN to test channel’s upper end currently placed near 13600/700
zone. On the other side, resisted action in the range 12500-900 and a move below 11900-12000 can turn the short term
trend down and force BN to test back crucial supports on the downside to keep mid term trend up. On indicators RSI has a
triangular move having support near 50/55 region. Any action below the same will be a negative sign for BN. For now one
must stay away and be watchful on mentioned support resistance ranges.
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