BANKNIFTY for 30th December

Banknifty’s strength pulled Nifty to massive heights on Friday. A strong buying emerged in all public sector banks due to second round of RBI’s operation twist (meaning RBI auctioned or sold short term Securities and simultaneously used that money to buy long term securities to reduce the interest on Long term bonds). This also helped buying in Axis Bank and ICICI bank. The massive rise in these three banks- ICICI Bank, Axis Bank & SBI – whose combined weightage is more than 40%, helped BNF increase by 414 points. Now what on Monday? Banknifty is very near to its lifetime high. Good global cues may prop it to 32500. But at that level some selling may start. On 15 min chart there are no clear levels for buying if BNF comes down, like there are for Nifty . However, a not-so-strong buying area is there between 32215 and 32260, so one can buy there with strict SL of 32190. Expect gain of at least 100 points.
All the best. Happy trading.


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