If we compare percentage wise the fall in Banknifty
was less intense than that of Nifty
corrected 3.71% while Banknifty
(that should have been move wild) corrected 3.44% We can see that Bank nifty
is also at an important pivot
is. The RSI
has fallen below the 30 levels. If Banknifty
fails to save the 28950 levels in the coming week then the selling may intensify and the index may correct further to 28450, 28260 & 28000 levels. For a strong pullback a close above 29350 is required, which may give a relief rally to 29900, 30100 & 30400 levels.