Bank Nifty Futures sellers are in control however momentum sellers are clearly missing from the market. Hourly support comes around 26206 levels. Throughout the June month bank nifty futures is trading in a 1000 point range and the momentum is falling for most of the banking stocks. Only Few stocks like HDFCBANK, Kotak Bank, Yes bank and rest all from the Bank Nifty pack is showing declining momentum.
Trading sentiment on the lower timeframe holds positive however on the daily sentiment still negativity continues. However too much of frustrated shorts are there in the system. Price holding the support zones 26206 could potentially lead to short covering rally towards 26700 levels. Only a sellers attempt below 26205 could change the potential trade setup towards downside.