The selling pressure in Bank Nifty seems to have eased as the index fell 12 points to end at 44,612 on September 22.
“The Bank Nifty index witnessed a significant double top breakdown pattern, which often signals a reversal in trend. This bearish pattern was largely influenced by selling pressure in HDFC Bank. The index breached its 20-day moving average (20DMA) located at 45,000. A break above this level could trigger some short-covering, but the overall sentiment remains bearish," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
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