Banknifty – Looking weak

Today Banknifty NSE:BANKNIFTY broke the crucial support around 26000 levels with a Bearish candle whose close was almost at the low of the candle.

With PSU banks’ results ( SBI NSE:SBIN , Bank of Baroda NSE:BANKBARODA ) lined up in the coming week, looks like the selloff in banknifty will continue.

If Banknifty continues to stay below 26000 levels, we might witness another 1000 points fall to around 25000 levels in the coming weeks.

If it manages to pull up above 26000 levels, we may see a range bound action with lower end at 26000.

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