protrader1969

BANKNIFTY for 3rd March

NSE:BANKNIFTY   NIFTY BANK
On daily chart Banknifty (BNF) too made a long red candle, like Nifty , with higher high but higher low and lower closing price. World markets were majorly in green during afternoon hours and we fell in last hour or so because 2 cases of corona virus were discovered in Delhi and Hyderabad. Thankfully both the patients are stable and are being monitored closely. On daily chart , Banknifty candle was out of lower Bollinger band and the RSI is at 26.83 which is in oversold region so some bounce back is inevitable. However, due to sharp fall today, a selling area also got created which is marked on 15 min chart. So short BNF if it reaches there. As for buying, I would buy at these current levels also.
All the best. Happy trading.

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