BANKNIFTY for 13th March

Please read this post along with my post on Nifty for complete perspective on markets and tomorrow’s trading activity. On daily chart , Banknifty (BNF) has finished as a strong red candle completely closing outside the lower edge of Bollinger Band with RSI at 12.99 (Oversold region). Today BNF suffered a 2500+ points fall, I think, one of the highest falls in this decade. And yet we can’t be certain that this is it- meaning now BNF or Nifty won’t fall! Out of 12 constituent Banks of BNF, Kotak had least fall of 7.82%. Imagine fall by other banks! Highest weightage Bank- HDFC Bank , fell by 8.3%. Such was the panic in markets today that 8 out of 12 banks dropped by double digit percentage figures. Billion dollar question- what now? Frankly, nobody has clear answer. Every rise will still be met by Sellers heavily. So I have marked a selling area on 15 min chart where one can take short trade. As for long- No buying area is in sight.
All the best. Happy trading.

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