Please read this post along with my post on Nifty to get complete perspective. Very rarely we see that Nifty and Banknifty (BNF) are moving in opposite direction. Today we saw that divergence and probably tomorrow too, we may see that again. Nifty made HH (Higher High) and HL (Higher Low) candle on daily chart whereas Banknifty made LH and LL candle with open price =high price – such is the bearishness in BNF. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. BNF, it seems has taken support at 20 DEMA, but tomorrow if the trend continues, it may breach that. Yes Bank was weaker right from morning and indusind bank presented weak results due to which it started falling after initial euphoria. Among other constituesnts too, only HDFC looked stronger throughout the day. Due to continuous downward movement, there are no buying areas in BNF but only selling areas. I have marked 2 such S.A. on 15 min chart for tomorrow.
All the best. Happy trading.
All the best. Happy trading.