Dear all, Does this qualify as a double top which has formed on the daily chart of bank nifty. Does that mean that the rally has come to an end in Banknifty?
If bank nifty breach 23810 decisively, it can be assumed that a Top has been formed therefore short position can be taken however a breach of or close above 24335 means the bubble may take some more time before bursting.
Nifty bank PE 27.41 (1 year high is 31.5)
Nifty PE 25.43 (There is a high probability that nifty will first touch 9000/9100 before hitting 11000 mark)
AbhishekHiremath
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Time for round-2 of big trades on bank nifty,bas kim jong un hamara saath de de :P :D