Bearish

#BankNifty is a perpetual short with a objective target of 28150 i.e. 38.2% retracement of the rally which started in the first week of October. It completed 23.6% retracement and bounced from 29959 levels. Seems like major correction is still pending and looking at the banking stocks seems like BankNifty may wipe out another 2000 point gains in next 1-2 months. Good to create a hedged short position for the March expiry with proper hedges for target of 28140.

It may give some pullback after this 2000 point fall. But should be used to create fresh shorts in the counter. #SellOnRise

Comment:

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