Weakness in the global markets and in metals sector has dragged bank nifty down.
Expecting it to respect its support levels and some recovery for now.
As there is nothing bad from the local market except for the metals.
EVERY DIP IS THE BUYING OPPORTUNITY
The company has been showing good profit and numbers.
We can see the pricing is moving in a channel type and the price always bounces back from the support so we can look for a buying opportunity if the price comes at the support level.
A consistent up move can be witnessed with consistent good profit numbers shown by the company.
METALS trying to break 5900 since july 28.
5900 has been acting as a resistance for metal index , from all time a correction of 12% has been seen.
For a further up move i think metal index should consolidate above 5900.
Is there more correction left ?
Looking at the pattern the price is taking support at its current level and a HEAD & SHOULDER pattern can also be seen and if it breaks this level then the next support is around 1240-1200 level.
If the broader market start showing selling pressure then 10% fall will be of No surprise