Bank NIFTY - Are we entering into last leg of correction for Medium Term (March 2015 - Follow Up)

Bank NIFTY one of the Asia's most traded Index and having around 25% weight of Indian Markets (NIFTY) ....

Our Medium term post of Bank NIFTY anticipated a top near 20540 odd levels ....

Thankfully .... We were Bang On !!! from 20500 odd levels Bank NIFTY has made a low 15917 levels.

Could September 2015 be the bottom as anticipated in our previous post ?

For more details visit our previous post:

 http://swing-research.blogspot.in/2015/03/bank-nifty-medium-term-outlook.html

Are we in the last leg of the corrective move is the Question ?

                                                                     Daily Chart                                                         

The Key support zone could be around 15 _ _ _ - _ _ _ _ _ ....

Worst case scenario could be 1_ _ _ _ - 1_ _ _ _ as suggested on the charts ....

If not a sustained rally, Can we expect a 8 - 10 %  Technical Bounce ?

What is in store .... ?

In an high beta Counter like Banking Index higher precession and objectivity is required to identify key support and resistance levels....

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Raju V Angadi Vishwanath, B.E., MS, CMT

Equity Technical Analyst

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