In 2007, it was started with Reliance Petrochemicals and Reliance Natural Resources in December; the market topped out in early 2008. In 2015, it was the Amtek group.
The market is currently dealing with multiple news flows whether it is the Adani group company saga or FED meeting outcome, or monsoon expectations and last but not least new variant of covid-19.
Nifty has given a channel breakout at 15,050 levels and the expected upside target of 15,850-15,950 has been achieved.
Normally, the price tends to check the last breakout which is at 15,050 levels.
Private banking space surely remained a disappointment and many banks like Bandhan Bank, RBL, AU Small Finance Bank, HDFC Bank and Kotak Bank failed to gain back the momentum seen earlier between February and April in this year.
Technically speaking, Bank Nifty corrected more than 20% in the last correction and failed to make a new high in the recent rally.
At the level of 1180-1186, it has created a doji and indication of rejection candle for bulls above that.
ICICI Bank made a high 679.40 in February and it has tested the lows of Rs 531.50 in May.
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