Banking and finance carry more than 40 percent weight in the Nifty and that is why we should not expect bigger performance(share market investment) divergence between them.

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Nifty nosedived more than 3 percent with heavy volumes on December 21. Bank Nifty underperformed by plunging more than 4 percent. (share market investment)

For Nifty and Bank Nifty - both - this was the highest single-day fall since May 18, 2020.

Nifty breached the crucial supports of 8-day EMA, 13-day EMA and 20-day SMA. Bank Nifty violated the crucial support derived from the upward sloping trendline on the daily chart.


Here are three sell calls for the next 2-3 weeks:

Hero MotoCorp December Future | LTP: Rs 2,980 | Target price: Rs 2,800 | Stop loss: Rs 3,100

This stock has breached crucial upward sloping trendline support on the daily charts. Short-term moving averages have come down below medium-term moving averages.

Indicators and oscillators have turned bearish on the hourly and daily charts. The auto sector has been underperforming for the last couple of weeks.

The stock price has formed a lower top and lower bottom formation on the daily chart.

Ramco Cement December Future | LTP: Rs 791 | Target price: Rs 745 | Stop loss: Rs 827

The cement sector started getting distributed much before the Nifty and the sector has been underperforming for a while.

This stock plunged more than 6 percent with heavy volumes on December 21. Indicators and oscillators have turned bearish on the hourly and daily charts.

Axis Bank December Future | LTP: Rs 578 | Target price: Rs 530 | Stop loss: Rs 600

Bank Nifty has witnessed a breakdown on the short-term charts. Axis Bank has developed moving average bearish crossovers.

The stock closed at the lowest level since November 9, 2020 and has breached the last six week’s low.