Bank Nifty -15% down, where is the bottom?
Bank Nifty has corrected almost 6000 points, fall of -15% (compared to Nifty -9%) . Both Nifty and Bank nifty have breached 20EMA with a strong red candle -breaching the support 36400 (we indicated this in prev analysis) in the process. next support levels are 35752 & 34260.
With FIIs selling 101,000cr since april (of this 31000cr in Nov so far), a revival from here will definitely require a U turn from them.
Post 34260 level, the movements should be gradual after a period of consolidation.
Meanwhile a positive news on covid should bring back cheer & a faster recovery.
let us see how the prices actually react on Monday & sessions post that.
With FIIs selling 101,000cr since april (of this 31000cr in Nov so far), a revival from here will definitely require a U turn from them.
Post 34260 level, the movements should be gradual after a period of consolidation.
Meanwhile a positive news on covid should bring back cheer & a faster recovery.
let us see how the prices actually react on Monday & sessions post that.
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