BANK NIFTY | Are we heading south ??
Bank Nifty is consolidating between 23000 and 23400 for last four sessions and this looks to be the temporary trading range. While the trend has been bullish for quite a long time, there is a sign of the trend losing steam. There was a pin bar on 22nd June followed by a considerable bear candle and another one such on the following day. We could also see a bearish divergence in RSI. My personal opinion is to short the index with stop above 24000 with potential exit seen at 22500. If not we short, I at least feel it's not a good idea to buy for now.
Let's not forget that the main constituents of the index such as HDFC Bank and SBI looks clearly bearish, also ICICI Bank is flat. So, looking at this bias, these big guys could very well pull the index down.
Let's not forget that the main constituents of the index such as HDFC Bank and SBI looks clearly bearish, also ICICI Bank is flat. So, looking at this bias, these big guys could very well pull the index down.
Dagangan aktif
Adding new shorts at current levels.Nota
Stops on my short positions are still intact. Things doesn't really look good for shorts now. However, I'm gonna hold until I see daily close above 24000.
Penafian
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