Bank Nifty - House of Cards?

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Like the main Index this one too has hit the over bought zones. The difference is it reacted immediately without much lag. Will that be same now? The housing market has been in eye of storm from Australia, China, Canada and US leave alone the Europe. Our own property report suggest Mumbai registers 1% growth (not beating any bench mark). Though we are not in the zone of Housing crisis, we are indirectly impacted if the current housing price fall reaches flash point. Usually the Housing crisis filters into the banking books. It also impacts many other industries. Nothing to suggest even remotely that we have one. But it demands a closer look. The Wholesale price inflation softer but they are still in two digits. With FOMC minutes later in the day market would be keen to watch for clues. FED is not in a hurry for any pivot neither dollar is looking for a top. The Two year space is still elevated suggesting near term stress. 38500-39500 remains near term fulcrums on close basis. Sell 39400 stop 39800 for 38800 remains. Consider this as corrective move.