Bank Nifty | Volatile | sharp break down on cards All technical indicators ( price & volume based) showing an up move in bank nifty with a long bias but here's a twist to the story
1. FII & DII are heavily bearish in futures while retail is strongly bullish. If a correction comes, it will be super sharp.
2. FED meeting this week, Fed will not cut down rates in H1 of this year, indicating a bearish sentiment in financial stocks ( specially banks ) post the results
3. HDFC bank is used to create this huge green candle yesterday. Good chances are it's play to create volatility in this week expiry. Keep tight SL and avoid longs for some time till volatility is eased out.
Strong resistance to come 47500-48000
Strong support 46000
Weekly expiry is going to be volatile. I will look to short the market. else stay out
PS: I reserve the right to be wrong.
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