BANKNIFTY INTRADAY ANALYSIS

Since RBI's rate hike a recovery participation has been seen from the banks thus for a reversal, banking stocks must perform. ICICI bank, axis bank etc. in the banknifty index has made a bullish engulfing candle in daily chart. A price action on 5min and 15min chart, above previous day candle is a positive indication to initiate a long position on an intraday basis.