Banknifty outlook

Banknifty is looking weaker than Nifty due to various reasons. Banks have been affected in the lockdown and hence this has also affected their profitability and hence Banknifty has been trading weaker. Institutional investors' views are also looking bearish on Indian Banking sector, or else by this time, they would have started accumulating various Banking stocks, but this is not visible yet. So be cautious before taking any trades in Banknifty and wait for confirmation. Targets and analysis has been mentioned on the chart. 21250 is very likely, but a fall below that level would be a little difficult. Similarly, 23100 levels would not be touched before a week.
This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in stock market.
Consult your financial advisor before taking trades
I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible.
Trade carefully
Comment: 21250 reached!


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