Bank Nifty at critical levels

Bank Nifty Index has given a long term positional buy on point and figure charts. See the 3X3 (3% box size and 3 box reversal) point and figure chart of Bank Nifty .

The blue circled regions show the buy points in the past. the first one was in 2009, the next one in 2012 and the third one happened yesterday. Notice how each of them have been good entry levels for smooth rallies in the index.

As long as we don’t get a sell below the moving averages, it would pay to be long in Bank Nifty. It could be a smooth ride ahaead!

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