inspire_Chethan

Positional Short on Bank Nifty 30 April 2020

Short
NSE:BANKNIFTY   NIFTY BANK
My view is short on BankNifty based on following analysis.

As per my observation Banking Sector looks under performing or weaker in comparison to Nifty .

Nifty after making a low 7511 on 24th March has corrected almost near 50%, whereas BankNifty is struggling to correct even 38%.

Also I have observed Bearish Reverse Divergences on Daily Time Frame before taking short position which is noticed in 4th wave.

My Entry is at Spot 21688

Stop at 21829
Trade closed: target reached: Closed the trade at 20100 Spot
Comment: Closed short position at 1st leg of 5th. Will short again for 3rd leg, will update.

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