NSE Bank (Bank Nifty) - Sector Expected to Under perform (Sector with Negative Bias) - HDFC Securities

- Banking sector (Bank Nifty) has been moving in a broader sideways consolidation pattern (12564-12227-brown horizontal lines) for the last three weeks, which is evident from the attached daily timeframe chart.

- After moving nearer to the upper band of around 12564 during this week, this sector has showed weakness and is in the process of moving down to the lower consolidation band.

- Positive swing indicator like +DMI is sloping down and is on the way towards its counter part - DMI line.

- In weekly timeframe we observe the sideways consolidation movement in this sector for the last three weeks, after a sharp rise. Previously, Bank Nifty has continued in a sideways consolidation with a negative bias for more than 5-6 weeks.

Source : Equity Bulls

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