1) On BNF has made a full candle outside the lower band of and whenever such occurrence is seen, a bounce-back is seen for sure.
2) Out of 5 high weightage banks of Banknifty ( HDFC Bank , ICICI bank, Kotak Bank, Axis Bank and SBI ), except SBI all the 4 private banks have closed below the lower band of on . This does prompt for some buying.
3) on is at 28.82- slightly below the oversold level of 30.
4) BNF, like Nifty , is also now in weekly demand zone- meaning a reversal is on cards.
The supports and immediate resistances are shown on 15 min chart. So I will try to buy at every fall, albeit in smaller quantities since I do see weekly expiry for this week at least 500 points above CMP if the status on virus outbreak remains nearly on expected lines.
All the best. Happy trading.