NSE:BANKNIFTY NIFTY BANK
The index corrected heavily this week making a low of 27162. Banknifty closed below an very important support level today, though an attempt to pullback was made but it didn’t succeed much. The RSI is into breaish zone & oversold too. Daily RSI has tripped below 25! The index has turned into “ sell on rise” candidate, pullbacks if any should be utilized to create short positions. Resistance is placed at 28570 & 28900 respectively, if selling takes place again then we may see banknifty falling to 26450, 24700 & finally 22910 levels in the weeks to come.