Positional Short on Bank Nifty 30 April 2020

My view is short on BankNifty based on following analysis.

As per my observation Banking Sector looks under performing or weaker in comparison to Nifty .

Nifty after making a low 7511 on 24th March has corrected almost near 50%, whereas BankNifty is struggling to correct even 38%.

Also I have observed Bearish Reverse Divergences on Daily Time Frame before taking short position which is noticed in 4th wave.

My Entry is at Spot 21688

Stop at 21829

Trade closed: target reached:

Closed the trade at 20100 Spot

Comment:

Closed short position at 1st leg of 5th. Will short again for 3rd leg, will update.