Yes bank has formed head and shoulder pattern wherein the price is at the neckline.
At the same time price is at the top of the channel.
Levels of 42 are critical support levels as it is neckline as well as weekly support level.
if we get daily closing below these levels then price can go all the way to 29 levels.
So keep watch on the volumes / levels to trade...
OI analysis suggests that nifty is looking at downside of at least 100 points from the current price.
Expecting it to correct till 20 DMA 12110 levels.
CALL writers have been very active in todays session which re-confirms the down side.
Marico has taken severe beating.. and looks like this is the bottom. Option chain suggest lot of bulls trapped at lower levels..and i sense a reversal in this stock in coming days.. it can rise like a phoenix any time.
With Uncertainities related to US-CHINA Trade Deal Nifty has closed below 20 DMA on daily charts.
Looks like it is heading towards 50 DMA and is a SELL.
Whether it will sustain at 50 DMA would be determined by the outcome of trade deal which hopefully looks positive.