Nifty Bank IndexShort
$Banknifty view for next week 13thMay -18th May
The weekly chart for BANKNIFTY shows a significant bearish candle, indicating potential downside pressure. Meanwhile, the daily chart exhibits a succession of red candles, suggesting sustained downward momentum. Considering the current scenario, the risk-reward ratio for initiating further short positions seems unfavorable. Therefore, it appears prudent to await a pullback and consider shorting near the 48000-48200 levels, with a stop loss at 48300 and a target set at 46600.
BANKNIFTY shows a significant bearish candle, indicating potential downside pressure. Meanwhile, the daily chart exhibits a succession of red candles, suggesting sustained downward momentum. Considering the current scenario, the risk-reward ratio for initiating further short positions seems unfavorable. Therefore, it appears prudent to await a pullback and consider shorting near the 48000-48200 levels, with a stop loss at 48300 and a target set at 46600.
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