Thread by @i2gain

#BankNifty has been moving within the broad range for some time, but it is perhaps at weakest level since it entered this range on May 23rd.
#niftybank #nifty #nifty50
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For past nine sessions, it has been trading below a long term support line that was supporting it since Sept. 2020.
#BankNifty #niftybank
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Prolonged underperformance with broader Nifty 50, is a sign of weakness only.
#BankNifty #niftybank
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RSI below 45, not being able to cross 49-50 levels, again none days with RSI below 50.
#BankNifty #niftybank
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ADX gaining momentum with RSI and DMIs confirming weakness.
#BankNifty #niftybank
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OI analysis shows, future buildup is on short side, some short covering is going on for past few days.
#BankNifty #niftybank
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PCR making lower highs, can be considered as a sigh of weakness.
#BankNifty #niftybank
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IVs n HVs have probably touched the bottom.
#BankNifty #niftybank
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To conclude, I must say some caution is advised to go long at lower levels this time, borader #Nifty is not as week as it has made a sharper recovery last week in comparision with #BankNifty, it is somewhere in the middle of range while #NiftyBank is near lower range.