Bank Nifty (Oct 3rd to Oct 15th '12)

Bank Nifty has seen a good run for from 9900 to 11500 levels. 16% jump in Bank Nifty because of the recent rally

Looking technically at charts this index currently is over due for a correction and that is so visible with DOJI sign present at the top and Elliott pattern ending with 5 wave impulsive pattern

Technical Indicators

Momentum% with 10 day moving average has got a cross over at the top and that is an indication that MACD will also see a cross over which signals a bearish sign

Moreover adding to the above point, RSI, Williams%R & Stochastics have all been in oversold zone for few days now. This indication is more than enough to short Bank Nifty at current levels

Summary

1. Short Bank Nifty at current levels for Oct series

2. Bank Nifty may get down any level between 10674 & 10877