While Nifty did made some attempt to pullback, the same was

While Nifty did made some attempt to pullback, the same was absent on BankNifty. The movement on the index was weaker than that of nifty and a clear divergence was noticed. Disparity among these two index espically Banknifty lagging is not a sign of strength. While the RSI is into bearish zone below 20 the macd histogram is soaring red, indicating sellers are in no mood to stay back. Below 18650 the index may further slip to 13200 levels. However to prove itself strong the stock has to pull above 21900 the index may pull up to 24500 & 28000 levels.