The Bank Nifty witnessed a fall of more than 1,000 points intraday. At the end, the index formed a strong bearish candle. On the daily chart, we can see that in Monday's session, the Bank Nifty failed to break above the major price action area near 52,300 and reversed downward from it. Currently, the Bank Nifty is trading near the upward sloping trendline located at 51,100. A decisive breakdown below this level can intensify selling in the index. In summary, the trend for Bank Nifty is bearish. A break below 51,100 can accelerate further selling pressure, while 52,000 is the nearest hurdle to watch for on the upside.
