Axis, RBL, IndusInd: Pvt banks may provide shorting opportunites on rise

A Death Cross, Descending triangle and a breach of significant levels reflect downside up to 16% for these banking shares

NIFTYBANK
Likely target: 33,800 and 33,000
Downside potential: 2.50 to 5%

The Nifty Bank violated two major supports on the charts. Its 200-day moving average (DMA) positioned at 35,738 and a 50-weekly moving average (WMA) set at 35,390 levels. The overall trend has turned negative and as long as these levels are not conquered, the weak bias may see an exaggerated momentum. In the current situation, any bounce is likely to encounter another round of a selling pressure. The bearish sentiment expresses downside towards 33,800 and 33,000 levels, according to the daily and weekly setup.