BANK NIFTY: The incoming disaster !!!!!!!
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Market is factored in all the bad news and short up just to follow technicals.
# BNF is clearly following channel pattern for quite a long time.
# BNF rallied from 32350 to 37500 which is 14% in 42 days which is huge rally in a bear market.
# For a bull market rally BNF should close comfortably above 38750 in a weekly chart.
# Even though Fed rate hike is within expectations, situation aren't changed anything in long term.
# High inflation, low GDP, economic slowdown, geopolitical factors will put the banking sector under pressure.
# RBI meeting is going to be held on 04th AUG 2022. Expected rate hike is in between 35-50 basis points.
My expectations are market will follow the channel pattern once again.
Target for BNF is 32200(-14.42%) in 32days which is 20 trading sessions.
# BNF is clearly following channel pattern for quite a long time.
# BNF rallied from 32350 to 37500 which is 14% in 42 days which is huge rally in a bear market.
# For a bull market rally BNF should close comfortably above 38750 in a weekly chart.
# Even though Fed rate hike is within expectations, situation aren't changed anything in long term.
# High inflation, low GDP, economic slowdown, geopolitical factors will put the banking sector under pressure.
# RBI meeting is going to be held on 04th AUG 2022. Expected rate hike is in between 35-50 basis points.
My expectations are market will follow the channel pattern once again.
Target for BNF is 32200(-14.42%) in 32days which is 20 trading sessions.
Note
Market fall is imminent.US inflation data gives more information that market is not good but recovering. It will come down from this level and factor in for next 75 bps.
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