Nifty ended this week in red, continuing the loosing streak. Close is below Thursday’s close. A little correction of around 2.6% or almost 490 point from the top. Things are not bright enough for the shorter term. If we take a look at the RSI, it is approaching 50. By this standard BankNifty on the other hand is having a great momentum with RSI is over 70, approaching 80. The short term trend for BankNifty is strong, price staying well above 9 EMA.

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Further downfall is expected in the next week in the Nifty. Although it may take support from 15 EMA or at least make some congestion around it, before further fall or upward movement. Support can be expected around 18000 zone. BankNifty may continue this trend with minor small reds along the way.

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Happy trading …………