Last hope for Bulls is the two converging green lines which meet at 4800-4810...
And the 2 reasons apart from this is:
1)The low made on 27/11/2009 of 4806 is a very important level and should hold..
2) Relative Strength Index is at extremely low level. We know that RSI can stay at lower levels for longer periods but RSI can't go in negative... It has to stop falling further first
If 4800-4810 holds for Index then we can see Nifty bouncing back to 4910/4950 . As today is the expiry of January contract so you can see volatility in the second half of the day.
Stock View:
The BankIndia stock didn't fall as much as the other Banks and the stock is still holding steady above the green trendline. The stock is a Risky pick but it can be bought at current levels of around 375 with a stop of 368 for targets of 390-400.
A move above 400 with volumes can take this stock to 430/460.
Have a nice trading Day
Regards
Ankit
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