Technical Analyst, owner of TRADEMANIAC
Bank Nifty's short-covering levels are 40942 and that the breakout point is close to 41235. But Bank Nifty is overbought, a small technical pullback is to be expected. Bank Nifty index may open today near 40633 and may give sideways move around 40600. To test 41000 and form a Breakout pattern, Bank Nifty may bounce towards 40884 if space is created. If Bank nifty dips below 40540, then it may turn into negative. According to my view, Banknifty already touched my cautious level. Now, any time banknifty may turn into negative. minimum 1000-2000 poins fall is possible within 1 week. As today is weekly expiry, be prepared to use the "zero to hero" technique today to obtain 4-5 times the value of your option.
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**Disclaimer:-I'm not a SEBI registered analyst. The chart is shared only for educational purposes.
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