banknifty set to breach 50EMA on weekly charts
Banknifty is looking strong on the weekly charts. It has taken support of 100EMA and closed just below 50EMA. PCR is above 1 probably indicating that the fears are behind and bankning stocks are set to rebound. Another indication is that FIIs sold for just 177cr. Crude bounced back and is currently trading at 103USD, much much lower than the doomsday predictions of 200USD/barrel. Not everything is fine, VIX is still rising and stayed above 25.6. Issues are yet to be resolved. But the fear seems to have been factored in. What do you think?
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