BANKNIFTY for 11th September

The call given for Monday to buy banknifty at indicated levels went well, except that I did not expect it to run so much. For tomorrow, read this post along with two posts on Nifty- one for the week and another for tomorrow. On Monday market gave good run up without any news or any fundamental reason. My other post on Nifty does mention the possible reason. Let us see what we have for tomorrow.
1) Option chain data: Highest total OI and highest fresh PUT writing is at 27000 strike which is too far low. Near ATM, data is not conclusive enough so one cannot say with conviction that this strike can act as good support. On CALL side, total highest OI and highest fresh call writing is at 28000 but near ATM data is equally inconclusive as for PUT side.
2) Chart : On daily chart , BNF made higher high and higher low as compared to previous candle. BNF has 20 DEMA at 27645 which might act as resistance. If you see top 5 weightage stocks of BNF ( HDFC Bank , ICICI Bank, Axis Bank, Kotak Bank & SBI ) which contribute more than 80% towards BNF, you will realize that these are also approaching or near their 20 DEMA levels. Combining bad effect of Auto sales data on Nifty with charts we see there is a selling area as shown on chart. So trade with strict SL as shown.
All the best . Happy trading
Hope it goes well as you observed- Tnx
So tomorrow (11th September) , we can expect bank nifty to go down??
@deebikas, yes in initial few hours/ minutes only. Then support is expected to come from Nifty and and both might rally up.
deebikas protrader1969
@protrader1969, thank you
@deebikas, hope it goes the way I think:)
good one yr
protrader1969 Rohit_Choudhary
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