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* The Sector has made an All Time High @ 16152.15 in Aug 2018 and after that it moved down from those levels to the low of 13607.60 which is exactly 38.2% Fibonacci Retracement of the earlier advance from 9698 (Dec 2016) to the high of 16152.25 (Aug 2018).
* From last few weeks, the Sector gave full respect to the Up ward slopping Trend Line (Marked in GREEN) formed since Oct 2018.
* Few weeks back, the Sector formed a Pivot Reversal Bullish Candle with considerable volume which moved past its previous 5 week’s HIGH price movement. This shows a short term bottoming out for the Sector.
* On the monthly charts, the Sector has managed to break the high of the recent Spinning Top Candlestick pattern formed in a month of Oct 2018 which is a confirmation of the short term swing low being made and may lead to further bounce back in near future.
* The indicator like RSI @ 54 showed a positive divergence on weekly time frame which strengthens the positive sentiment of the Sector.
* Immediate Support: 14820 / 14600 Immediate Resistance: 15360 / 15650
Positive: HDFCBANK, ICICIBANK, FEDERALBNK, AXISBANK, KOTAKBANK, INDUSINDBK. Negative: IDFCBANK.
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