Extreme bearish trend given global cues and weak rupee. Trend likely to continue if Friday low is broken, Banknifty is going to be extremely bearish . Other factors that might be crucial for banks are Crude above $120, US 10y Bond yields sustaining above 3.1%, Dow Jones crash, etc.
Conviction bearish Bias bearish
Trading Ideas
Long above 34612 Target 34800 Short below 34346 Target 34094
>>Option buying
Long Position: Buy 34700 CE Short position: Buy 34000 PE
>>Option Selling
Sell 34800 CE (if 34300 is broken sell 34300 CE)
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