Banknifty appears considerably weak after the large Bearish Engulfing candle that it formed yesterday as it encountered heavy selling pressure around 27000 levels.
With all the private sector banks witnessing a selloff on Monday, Yes Bank
YESBANK
looks like a nice candidate for shorting.
I can see that the price got rejected at the resistance zone near 350 levels after retracing 50% of the previous downmove.
Good opportunity to short here with stop loss near 350 levels for a target in the 305-315 zone.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
With all the private sector banks witnessing a selloff on Monday, Yes Bank
YESBANK
looks like a nice candidate for shorting. I can see that the price got rejected at the resistance zone near 350 levels after retracing 50% of the previous downmove.
Good opportunity to short here with stop loss near 350 levels for a target in the 305-315 zone.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.