NIFTYBANK - RAISING (BEAR) INTERST ?

18 gen 2022

Nifty bank continues to fail around the 38800 area. This is despite the industry heavy weight printing very positive results and it looses its grip. The index continues to drag the major index else it would have already printed the new ATH. 37900 is the near term support if we loose then the deeper correction is on the anvil. Continues to term this as corrective. The banking stocks have been in favour globally principally on the assumption underlying economy is strong and thus reflects the rising interest rates. This remains the story here too. Near term continue to favour 37900-38800 range before the next leg. Any close below 37900 warns more losses ahead.