Short

Banknifty | Bearish | Facing ultra resistance in May series

Updated

BNF is touching it's life time high along with hitting long time resistance line ( have not broken for over a year). It's quite likely BNF To go down from these levels to :

48250 ( Very HIGH probability)
47500 (High probability)
46500 ( Medium probability )
45000 ( Low probability )

I will plan for all of these with extensive short positions. Chart regions are marked and don't need elaboration. Few other factors that will drive this :

FED outcome on interest rates (higher for longer)
Election related volatility
Banks are posting timid results with issues going on at multiple banks

PS: I reserve the right to be wrong. not SEBI registered.
The information on this platform/document is general and not financial advice. It is not a substitute for professional advice. Before making investment decisions, consult a qualified SEBI registered financial advisor to assess your unique financial situation and goals, as investing carries risks and past performance doesn't guarantee future results.

Note

HDFC bank is used to manage Index today, see the spikes just now and check with HDFC charts

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Time for Diamond Hands : net shorts :)

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Vix shot up by 6%

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Beautifully played out. time to start booking 48000 levels till 47500/47000 depending on market scenarios. Global cues are quite negative today

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terrific fight between bulls & bears today. Let's watch from sidelines now. 80% positions out ~48000 levels

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Booked all shorts ~47500. Will initiate longs now , contra trades

Trade closed: target reached

aditya_biswas

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