Today both NSE Nifty and BSE Sensex closed below the Fibonacci retracement level of 61.8% of the up move from Oct lows to 5th Nov highs. In fact, Sensex was below that level (9850) yesterday itself but Nifty and Nifty Future maintained it.
The worrying thing is that BANKNIFTY, which is the sectoral index for banking sector stocks in NSE, is also below that 61.8% retracement from yesterday. This is considering that bank stocks were already not that much overvalued and Indian banks are relatively much better than that of US and Europe.
The target for Double Top that I had given here is also nearing and those who were short on my recommendation should book at least partial profits.