Bank nifty today 29 MAY

The index is trading very choppy and narrow today. Prices seem like finding resistance after a rally of more than 1000 points in last three trading days.

One concept which works in the market is cycle of expansion and contraction. This 1000 points rally is an expansion. And we should expect some contraction very soon.

Prices are heading towards its first resistance at 26975 (last swing high made). We may see some narrow and choppy price action near this level.

As of now, PVT BANKS are outperforming. Look to buy there.