Hi traders today was a difficult trading day in bank-nifty as those who were short it hit the stop-loss in the morning session and in second half we saw some good sell off. Today I gave two calls 1st we short 21200 ce near 550 and covered at 220. 2nd we Buy 20800 pe near 190 and sold near 320.
Tomorrow view: Any bounce is sell With target of 20300 and 19900.
Banknifty looks much weaker if I compared it with nifty50
Today Banknifty closed nears its day's low and tomorrow's opening will set the tone as to where its gonna go.
As I have explained in my previous post, the up-move may continue if prices stay above 20530 levels, so the levels are still intact hence I will see, how it is going to be opening tomorrow and...
Bank nifty view for this month expiry. We are seeing BNF is a lot weaker compared to NF. BNF retrace is comparatively very weak. 22k on BNF is the range to watch with a probable upside of 23.6 and further upside of 25.5.
Always trade with caution, use stop loss to avoid losses while taking trade. Ensure you have a sound risk management strategy in place before...
NSE:BANKNIFTY
The resistance zone shown in red on Bank-Nifty has been tested close to 5 times till date and would have probably turned quite weak.
If we break above this resistance zone and hold above it, then we should see a good rally as sellers who would have been trying to defend the zone would be defeated.
Overall global market cues have been positive....
Banknifty very close to red zone .. it will fill it at max till the highest possible value ..
if filled early then possible it will become range bound in the red zone ..
CPR is also wide .. it will oscillate between the opening pivot zone ( if gap up opens then CPR and R1 or R1 and R2)
As we can see NIFTY BANK looking weak ....so for next week if NIFTY BANK break 16970 level then we go short for the target of 16560 and 16130 .... If NIFTY BANK close blow that level on daily chart then next target is 15219 AND 149614.
On the long side if bank nifty close above 18270 on daily chart then we go long for the target of 18740...
