Nifty PVT Banks have turned here too. Market has to have financials support if it has to move up. Similarly, if it has to move down, it should have support from the major banks of the indices, as they have huge weightage in both Nifty and Banknifty.
This index has also taken support here at trendline same as market indices. We can see a pullback now up to 24093 and then 24270 above can see new highs of the index along with BNF.
Today's low will act as good support for longs. Below it the market can turn bearish again, if financials get weak again.
Do your own analysis before taking any trade. Only for educational purposes.
This index has also taken support here at trendline same as market indices. We can see a pullback now up to 24093 and then 24270 above can see new highs of the index along with BNF.
Today's low will act as good support for longs. Below it the market can turn bearish again, if financials get weak again.
Do your own analysis before taking any trade. Only for educational purposes.
Comment:
Same is the case with PSU Bank index. Took support from trendline on Daily TF. You can check yourself too. Stocks like BOB, PNB, SBIN will move good if the rally comes.