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Bank Nifty and Sensex

1 Jun 2020 ‚óŹ 01:14 PM

Two different time periods but as bank stocks went back to test the previous lows, we have a near double bottom in bank nifty and then in hindsight the pattern over the last two months has unusual similarity. The only reason they may appear a little different visually is the time taken which makes the more recent period compressed. Both were double bottoms where the second bottom entails a flat down to the low. In the subsequent rally in 2008 prices went back to the point from where the crash came. Can the same repeat today? Clearly no body thinks so especially for bank nifty. In any case we should go past the April highs before this is over.

IMA 010620

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