It has been really a tough time for the investors and bull market players. We have only 6 weeks left for the end of the year 2011. Eventually it proved to be a bearish market overall. 2011 is certainly a bitter period for the investors.
More than Nifty and Bank-Nifty it is the stocks that are beaten heavily either technically or fundamentally or news-driven or speculative what-ever it may be.
As you can see in the Bank-Nifty chart, larger trend is still down. It’s trend-line resistance lies at 10550 with support being 8300. Below 8150 I don’t see any major supports that can prevent further fall. Its a do or die situation for the markets again. Since last 3 months BankNifty moves in 1400 point range.
Daily Ichimoku resistance stays at 9700.
Even though indicators show Oversold zone it does not mean that a certain bounce will come. This happens when oversold or overbought zones continue for more sessions. Yes, technically these are exceptions which are inevitable in these situations.
Trading Levels
8300 << 8640 << 8780 << 8920 << 9120 >> 9200
Bank-Nifty Daily Chart
Bank-Nifty Daily Ichimoku Chart
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