Bank Nifty has corrected almost 800 as soon as it broke the Level of 10017 which we discussed in Previous post and Today made the low of 9224.
Bank Nifty is Highly Oversold on Charts and Relief rally should is offing if Bank Nifty closes above 9527 Levels. WE should always respect trend and Larger trend is Down till the High of 9587 is not crossed.
Buy above 9466 TGt 9527,9564 and 9604
Sell below 9224 TGt 9143,9006
Break of 9006 will lead to Quick Fall till 8800 in matter of day.
On Higher End the upper end trendline is also a Big resistance for the stock
Sell below 711 TGt 700,687 and 675
Buy above 724 Tgt 736 and 750
If it Closes below 700 Hold Positional Shorts.
200 DMA @292 which if crossed will take ONGC above this range and move towards its high of 320.
Looking at Resistance of 290 and 200 DMA@292 it is good Shorting casidate
Sell @290 Sl 291.8 Tgt 286,283 and 277
Levels mentioned are SPOT levels
STAY DISCIPLINED !!