Banknifty | Bearish | Facing ultra resistance in May series

BNF is touching it's life time high along with hitting long time resistance line ( have not broken for over a year). It's quite likely BNF To go down from these levels to :

48250 ( Very HIGH probability)
47500 (High probability)
46500 ( Medium probability )
45000 ( Low probability )

I will plan for all of these with extensive short positions. Chart regions are marked and don't need elaboration. Few other factors that will drive this :

1. 
   
2. FED outcome on interest rates (higher for longer)
   
3. Election related volatility
   
4. Banks are posting timid results with issues going on at multiple banks
   

PS: I reserve the right to be wrong. not SEBI registered.
The information on this platform/document is general and not financial advice. It is not a substitute for professional advice. Before making investment decisions, consult a qualified SEBI registered financial advisor to assess your unique financial situation and goals, as investing carries risks and past performance doesn't guarantee future results.

Comment:

HDFC bank is used to manage Index today, see the spikes just now and check with HDFC charts

Comment:

Time for Diamond Hands : net shorts :)

Comment:

Vix shot up by 6%

Comment:

Beautifully played out. time to start booking 48000 levels till 47500/47000 depending on market scenarios. Global cues are quite negative today

Comment:

terrific fight between bulls & bears today. Let's watch from sidelines now. 80% positions out ~48000 levels

Comment:

Booked all shorts ~47500. Will initiate longs now , contra trades

Trade closed: target reached