Let us take a quick look at the Bank Nifty Index. The price has been consolidating in a range while Nifty 50 has made higher highs. There is clear underperformance of Bank Nifty and there is negative divergence in the ratio chart.
In the above chart, while the price has not broken the prior swing low, the Ratio chart has broken the corresponding swing low which is the negative divergence. You can notice a positive divergence during the market bottoming out phase in Feb-March 2023.
Also take a look at the RS chart in P&F format posted below.
The RS chart is right at the 45-degree trendline drawn off the Feb. lows. It is important that this line is not breached. A break of this trendline could trigger banknifty led correction in Nifty.