The 200-day EMA support at 23,700 has been breached again amid choppy movements, with the downside gap from December 19 remaining unfilled after seven sessions. This unfilled gap is likely a bearish run-away gap, typically signaling the midpoint of a downtrend. According to Nagaraj Shetti of HDFC Securities, this pattern suggests that further declines may be on the horizon.
Short-term rally expected in financials; liquidity turn could boost banks: Seshadri Sen
There is still some downside to valuations. So, this sort of time correction that we have seen in financials from a longer-term perspective would continue
January 2, 2025