Banknifty recently formed a big bearish candle to form a fresh breakdown - Religare Broking Ltd
NIFTY
* NIFTY resumed its downtrend after a couple of days pause, shedding nearly 1%.
* Sectoral outlook: metals, autos, and energy were among the hardest hit.
* Index’s movement reflects that bears are still in control, and a decisive break below 24,000 could worsen the outlook.
* Traders should maintain a “sell on rise” strategy, as most sectors and broader indices remain under pressure.
BANKNIFTY
* Banknifty recently formed a big bearish candle to form a fresh breakdown.
* Index closed below rising wedge pattern and 100 EMA resuming a negative tone.
* Considering the main trend, a head-andshoulder pattern is formed, and the same is broken down.
* For the index to remain stable, it must regain the 51000 threshold; if it sustains below the same, fresh selling pressure can be seen.
* Traders are recommended to maintain ‘’sell on bounce’’ below 51000 as a notional mark.
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Post market comment by Mandar Bhojane, Research Analyst, Choice Broking
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