Sector wise, the 'old economy' and the banking stocks are down while the 'Techies' are quite strong. The CNXIT index is getting stronger but at the same time Bank Nifty is weakening.
The Price chart of BankNifty suggests that it is very near to changing its trend on downside and the Price charts are also showing some 'interesting' price patterns ( Yes I think I will discuss this further today in my Technical Analysis batch).
Well , those of you who hold banking stocks in your trading or investment portfolio, be careful... a 10% fall from current levels is highly likely and this may well be the reason for the Nifty to break the crucial 4990 level....
Happy 'profit booking'
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
1 comment:
Rajiv, again, wonderful analysis. Some of us are already positioned short in Bank Nifty and now looking to hold with a tight stop. Let's hipe we get that 10% fall soon :)
Btw, as far as your analysis on Crude is concerned, you had mentioned a target of 3150 to the downside. what would be stop for people holding shorts?
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