The next day of announcement, Bank Nifty has also opened the gap up and closed above its next resistance. As per the chart analysis, many banking stocks has given breakout to their resistance. However, another large-cap stocks did not stop its down trend and breakout did not worked. Bank Nifty has broken down its support before 2 trading days and closed below 200 DMA. We can say that the banking stocks are lead to a market for both sides. On a weekly chart, Evening Star has been created and currently closed near the next support i.e. 27600.
As per our view, it is looking like sell on every rise with chart confirmation and looking target of 26600.
As per our view, it is looking like sell on every rise with chart confirmation and looking target of 26600.