Banknifty has been very weak since past 2 months and Friday’s fall suggests the weakness might extend further.
I can see RSI divergence on weekly chart and also breaking of the long term trendline.
We might have a pullback but so long as 26400 levels are not broken, it can retest or break Friday’s lows in coming weeks.
Good shorting opportunity for a first target around 25000 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
I can see RSI divergence on weekly chart and also breaking of the long term trendline.
We might have a pullback but so long as 26400 levels are not broken, it can retest or break Friday’s lows in coming weeks.
Good shorting opportunity for a first target around 25000 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.