Bank Nifty looks very stressed and that is because of the run up it has shown for several weeks. Now time has come to book profits and for those who want to take shorts this is the right time
Elliott 5 wave impulsive pattern is clearly over and that can be backed with following signs
1. Technical indicators in oversold zone
2. Bearish candlestick pattern appearing at top
3. Volume indicators have already started to decline
Sell/Short calls - Oct Series
ICICI Bank
21% upmove from lows of 876 to highs of 1060
Go short aim for 950 to 980 levels in 2 weeks time period. Below is the technical chart for your reference
Target - 950 to 980
SL - place it above1060
Kotak Bank
24% upmove shown in last couple of weeks, and now charts are very bearish and decline will take this stock to 600 levels
Here is the technical chart for your reference
Target - 600 to 615
SL - Place above 653
Bank of Baroda
After a 32% upmove it is time for correction to set in. Technical charts suggest a bearish candlestick and oversold zones
Here is the below chart for your reference
Target - 700 to 712
SL - place it above 803
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