Bank Nifty has formed a very bearish signal after 21 months so cannot be ignored. first the 20 day EMA has moved below 50 day EMA in the beginning of this month. this has happened after August 2013 and 20 day EMA is now on the verge of moving below 100 day EMA if that happens then it would be first time after January 2013. So all these are pointing towards bearishness in Bank nifty which should also reflect in Nifty also we would see it later. 

There is also another bearish pattern which has been formed over a period of five months which most of the analysts seems to have missed. Bank nifty has formed Heads and Shoulders over a period of five months and it has  broken below the neck line in march last week moved down then moved up and it touched the neck line and started to move move down a perfect H&S pattern. If it is not negated then bank nifty can all the way go to 16500 levels to achieve the target (H&S implications) whether bnf would go to that level which is nearly 2000 points from current levels it seems so. So bulls in Bank nifty be careful.

Mahiidar M

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