The damage to the BANKNIFTY chart/technical setup has been much more severe than to the NIFTY. Especially since the BANKNIFTY was making baby attempts to decisively cross 36500.
However, the markets in the past have bounced back smartly from ~2% cuts the very next day and today shouldn’t be any different.
The aggressive longs added towards the end of yesterday’s session – should pay-off smartly but the markets will be in neutral zone only with a close above 56700/16950/35800.
5 May 22
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