This is a revision of my prv BANKNIFTY chart "tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
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Market came back to channel in 15800 zones on Rajan's Speech. He cut interest rates which I expect will cause other indexes to rally in coming days. However this also occured :" In another surprise move, the RBI raised the reverse repo - or the rates lenders charge to the central bank - by 25 basis points to 6 per cent, while taking measures to ensure more availability of cash in the banking system." I think that this may test 17000 as I've displayed as the second scenario in my chart which I didn't really expect to occur but now I see as more likely. Possibly v good buy zone for intraweek high exposure long
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