Similarities between “BANK NIFTY” and “NIFTY”
1. Nifty made its last bottom of 4531 on 23 Dec 2011> Bank Nifty made bottom of 7750 on 23 Dec 2011.
2. Nifty made it’s down trend line break out on 27 Jan 2012> Bank Nifty made it's down trend line break out almost around the same time on 3rd Feb 2012.
3. This time, I mean in this fall/retracement, both have again come down till their down trend line support and 200WKLY, almost at same time.
4. Long term chart pattern of both the indices are also the same and suggest a correlation coefficient between these indices almost close to 0.9-1.