Clearly, a sell on rise approach has been visible so far, since the descent from September peak, during which there was hardly any period which witnessed higher highs. Such has been the bearish momentum during this period and all eyes are now on the 200-day SMA at 23372, which is about 3% from current levels.
Will RBI rate hikes intensify selloff in bank stocks? Analysts explain why fears may be overdone
Bank shares have endured steep declines as investors brace for imminent interest rate hikes from the RBI. Some analysts suggest that the recent selloff may