Although PS Banks moved vertically in last 2 days but the price has reached at Upper medium line of good frequency Pitchfork and getting resistance there. Good trend line was broken and price are touching it from below so another reason to short it here. One can short here with SL of 173.50 on closing basis for a target of 145.
As RBI is facing tremendous pressure to bail out PS/Corporate banks I believe that we will slowly begin to see a short term correction in the bank sector. I expected BOB to either break out and test supply zone at 190 before potentially making another leg up. The second scenario is that the bearish sentiment forces BOB to test demand zone at 100-120 before it...
Simple use of Fibs and Fibs Extension give us a target of 146-147 level where the price action can see a buying in this stock. Downtrend is in place and we are looking for new opportunities to short.
It has clearly seen that RSI is forming bullish divergence. Breakout of Higher band around 150/152 levels and sustaining above the same price might trades towards north and retrace till 61.8% which comes around 175
