Short on Bank Nifty 23 April 2020
Updated
My view is short on BankNifty based on following analysis.
As per my observation Banking Sector looks under performing or weaker in comparison to Nifty.
Nifty after making a low 7511 on 24th March has corrected almost near 50%, whereas BankNifty is struggling to correct even 38%.
Also I have observed Bearish Reverse Divergences on Daily Time Frame before taking short position which is noticed in 4th wave.
My Entry is at spot 21688 and Stop at 21829
As per my observation Banking Sector looks under performing or weaker in comparison to Nifty.
Nifty after making a low 7511 on 24th March has corrected almost near 50%, whereas BankNifty is struggling to correct even 38%.
Also I have observed Bearish Reverse Divergences on Daily Time Frame before taking short position which is noticed in 4th wave.
My Entry is at spot 21688 and Stop at 21829
Trade closed: target reached
Closed the trade at 20100 Spot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.