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WEEKLY || BANK NIFTY : A NOSE DIVE ON THE CARDS!

Short
NSE:BANKNIFTY   NIFTY BANK
Bank Nifty with today's close gave a bearish candlestick pattern on a 'weekly' basis which tells us that it will break 29350 in the coming week. One may sell Bank Nifty on rise with SL of 30030 and targets of 29150/29000 . The Nifty has also given the same kind of pattern and hence the downward move will have help from the Nifty heavy weights as well. The Rsi has confirmed the trend by giving a drop from the overbought region.
With expiry on the cards and MACD showing convergence a substantial drop can not be ruled out.

All levels are cash levels.
Trade closed: target reached: As expected the move on the Bank Nifty happened. A great trade on the first day of the week in the initial minutes gives a good opportunity for people to exit on the options and the time decay would have chipped in, so a move in the initial trade fares good for the option guys (obviously in the correct direction).

Bank Nifty makes a low below 29250. T1 achieved.

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