protrader1969

BANKNIFTY for 31st December

NSE:BANKNIFTY   NIFTY BANK
Banknifty made a base like red candle with higher high, higher low but lower closing price. Normally in an uptrend this type of formation on daily chart would mean that tomorrow we see another green candle with higher high and higher low, but since BNF is at life time high, this looks unlikely. With negative news generated by Financial stability report by RBI (released on Friday) saying that bank NPAs may rise in near future, it looks unlikely that BNF and Nifty both can create new highs tomorrow. However, market never ceases to surprise and hence I have given both buying and selling areas. Both should be used with strict Stop-Loss.
All the best, Happy trading