Banknifty Futures (CMP-35,200) forms the minor bottoming structure @ 34,250-34,450 zone.

Banknifty has been underperforming Nifty for last 3 weeks.

Historically, Bank Nifty performs like Vin Diesel racing in Fast & Furious to beat its opponent (Nifty) and win the race.

Auto Index vs Nifty Ratio chart indicates Auto stocks can resume the bullish momentum as it forms:

1. Bullish Reciprocal AB=CD
2. Double Bottom breakout
3. Trendline Breakout
4. Higher High - Higher Low Structure
5. Reversal from Demand Zone
6. Seasonality Analysis indicates positive returns for second half of the year (average of 9yrs)

Nifty Pvt Bank Index warming up for the next leg of rally.

Who can take Index higher?
HDFCBk (~25% weightage)
ICICIBk (~23% weightage)
AxisBk (~15% weightage)
KotakBk (~13% weightage)