The picture does not look too Rosy - Bank Nifty
Updated
The up move for Bank Nifty seems to be in the last stages and sudden dips can be expected going ahead. If you are long on Banking stocks. It is time to exit longs. This is the second opportunity the market has provided for Longs to exit. Short with Impulsive moves going ahead. The Road ahead looks very interesting for Bank Nifty on the downside. Please note the Pharma sector which is known as a defensive sector, which has been in downtrend since the up move started is already showing signs of bottoming out. At the same time the bank nifty index is showing signs of a crackdown ahead.
Note
seems like a beginning of the end. The move today was impusive, on hourly chart, upward sloping wedge was broken and retested, now impulse starting, could be the beginning of downtrend. However still need to see how the index reacts to the trendline support of the current upmove, if broken that with an impulse, short will be the game.
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.