Weekly candle has a long lower shadow maintaining above the uptrendline drawn from 2011.This shows good buying support at this support level.However a lower high and low were made for the week.Stochastics is in oversold zone but Rsi14 is yet to reach the same. Macd has given a downtick.This indicates more selling may come.
Bullish engulfing candle on the daily charts taking support on the uptrendline from December 2011 lows.This is a reversal pattern. Oscillators have turned up from the oversold region indicating the bounce may continue.
Trend following indicators have turned bearish.The 50 and 200 dema have given a death cross.Bulls need to be really aggressive to turn the tide towards the upside.
Half Hourly Chart
Half hourly charts show a close above the short term downtrendline.A series of peaks and fibonacci resistances need to be overcome for the Bank Nifty to come back to bullishness.
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