Bank Nifty, Private Bank indices remain bearish on charts: Ravi Nathani

If the Bank Nifty breaks support at 38,780, the index could slide all-the-way to 37,875 level.

Nifty Pvt Bank

Last Close: 19,852.80

The Nifty Private Bank Index currently stands at a CMP of 19,852.80 and upon analyzing the near-term charts, it is clear that the bearish trend has prevailed over the bullish trend, as evidenced by the lower top and lower bottom pattern observed.

However, despite the dominance of the bearish trend, there has been a sharp correction in the index prices, accompanied by high volatility, which indicates that should the index trade below 19,800 once again, another reaction of sharp correction may be witnessed.

Furthermore, the next support level as per the price action theory would