Yesterday and today Banknifty bulls made a vehement attempt to get it past 26700 levels to reach 27000 but looks like the Bears have heavily guarded the 26700-27000 zone.
I can see that the upward trendline which Banknifty
BANKNIFTY
respected since March 22 has been broken and today it made a failed attempt to bounce back as the price got rejected at the trendline.
Also RSI has been steadily declining even when price was increasing showing divergence and waning buying interest.
A bearish candle tomorrow would confirm the weakness and would probably take it down to 25700 levels.
Good opportunity to go short here with a stop loss near 26700 levels for a target around 25700 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
I can see that the upward trendline which Banknifty
BANKNIFTY
respected since March 22 has been broken and today it made a failed attempt to bounce back as the price got rejected at the trendline. Also RSI has been steadily declining even when price was increasing showing divergence and waning buying interest.
A bearish candle tomorrow would confirm the weakness and would probably take it down to 25700 levels.
Good opportunity to go short here with a stop loss near 26700 levels for a target around 25700 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.