Nifty Financial Services constitutes all large banks (Pvt+SBI), NBFCs, Insurance plays.
Its trading at a triangle support zone. If it breaks below a lot of its constituents will break down. Some of its high weightage charts in NBFC's are already looking well.
HDFC just broke below its triangle support Bajaj Finance below 1909 could fall sharply Pvt Banks are not giving much confidence either.
A lot of people want to just keep buying financials on every dip because they have performed best while madcaps and small caps were under performing. Be cautious. Rather buy pharma on the dip than Financials for now. More headwinds in Financials while India faces the Covid lockdown.
ps: All this becomes relevant only if it breaks the triangle support where it is currently sitting.