Today’s closing of BankniftyNSE:BANKNIFTY has been just below the resistance at around 26150 levels.
Staying above this level might lead to further uptrend.
A break below 26000 may trigger a massive downfall.
However, the rally has been going on for more than a month now and Private banks like Kotak and IndusInd have started showing signs of exhaustion.
Today Banknifty has also formed a Dragonfly doji at the top.
Will look for Shorting opportunities below 26000 levels with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Adviser for any investments.
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Filled the Gap left during previous fall on Feb 5 and rally before that on Jan 18. Looks like it is waiting for election results to decide further move from here.