Bank Nifty after recovering a huge pull back again trading in bearish channel, as NIFTY, SENSEX is also under pressure since note bans, Bank NIFTY not looking strong enough to make a breakout channel resistance 19400, we may see Bank NIFTY heading touching the channel support 18200.00 which it has been already broken but recovered and trading in bearish channel. traders may enter short in Bank Nifty on Monday with a target of 18200, on the other hand if open green it may see upside movement up to the channel 19350, resistance. If breakout occurs exit with small stop loss. conservative traders may wait to retest the resistance or breakout upward, if breakout doesn't occurs then short at 19350 for better entry price.
Trade closed: target reached:
target almost complete, exit bank nifty
Trade active:
Risky traders hold till 18200.