Boult2100

BankNifty - Consolidation ahead!

NSE:BANKNIFTY   NIFTY BANK
193 1 4
BankNifty             has run up from the lows of 17600 to 19275. Now consolidation is highly likely in the band of 18900-19300. Before the next move. Play carefully. Weekly closing above 19300-350 will trigger further rally but till then choppy and rangebound.
Comment: Exactly as expected, This is what is called rangebound and choppy markets. short term traders both Buyers & sellers vl be frustrated becoz it is not easy to sit idle. Trade small near the supports & resistances. Trade carefully.
Comment: BankNifty morning low is 18922, touched the lower end of the new range as mentioned and bounced back sharply 150 points in 3-4 minutes. Great Morning.
Comment: Buy BankNifty fut at 19025-30 with SL 18999
Comment: Whipsaw! SL hit by a whisker, didn't sustain there on board again there abouts.
Comment: Book small profits near 19040-50 and stand aside. Probably today is a no trade day. Extremely choppy.
Comment: Touched the low 18915, range low again and bounced.
Comment: Low 18867. Don't short. This is consolidation on Monday it may go up.
Comment: BankNifty is bit volatile but in consolidation mode. It has multiple supports between 18600-18900 even if it broke 18900 but it was not a short rather wait for a reversal and buy. It zoomed from 18722 to 18850 in a few mins. Good Morning
Comment: Intraday traders should book profits at 18900.
Comment: Buy BN at 18790-800 SL 18740 tgt 18895-900
Comment: Booked intraday positions and carried fwd the positional longs. Great day today.
Thanks,.
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