BANKNIFTY is very close to 200DMA which generally acts as a strong resistance.
But what is interesting is CONVERGENCE of various moving averages ie 200,100 and 50. And 20 to catch up. This marks a typical whip-saw phase around the MAs before taking a direction. And direction for a longer period of time and a substantial move. This is also well reflected in the general outlook till election results. Expecting uneventful BANKNIFTY ahead.
But what is interesting is CONVERGENCE of various moving averages ie 200,100 and 50. And 20 to catch up. This marks a typical whip-saw phase around the MAs before taking a direction. And direction for a longer period of time and a substantial move. This is also well reflected in the general outlook till election results. Expecting uneventful BANKNIFTY ahead.
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