LOOKING BACK AT BANK NIFTY MOVES IN LAST THREE MONTHS
BankNifty was sideways through July until the breakout in the last week of August 2020. With this breakout, huge volume was noticed across the board in all bankings stocks. Only to see the news regarding the what's going to happen with the Loan Moratorium drag it back down. The entire gains were wiped off and many retail investors were stuck in the August month end highs.
During the following weeks of September, the courts kept pushing the news and never reached a consensous for the markets to recover.
Mid September, the Bank sector was flat lining with some levels of consolidation for a breakout but, the bloodbath continued into the last week of September. Finally on the start of the month October, we saw fresh buying for the market and the last 4 trading sessions have seen green candles.
Breakout can be see in the chart on October 1st when OPEN price is above the parellel trend lines shown for the bearish movement.
All in all, Banking Sector is yet to regain the majoirty of it's value lose due to the pandemic mostly because of the looming uncertainity.
During the following weeks of September, the courts kept pushing the news and never reached a consensous for the markets to recover.
Mid September, the Bank sector was flat lining with some levels of consolidation for a breakout but, the bloodbath continued into the last week of September. Finally on the start of the month October, we saw fresh buying for the market and the last 4 trading sessions have seen green candles.
Breakout can be see in the chart on October 1st when OPEN price is above the parellel trend lines shown for the bearish movement.
All in all, Banking Sector is yet to regain the majoirty of it's value lose due to the pandemic mostly because of the looming uncertainity.
