protrader1969

BANKNIFTY for 2nd January

NSE:BANKNIFTY   NIFTY BANK
At the cost of blowing my own trumpet, let me say that it rarely happens that levels I prescribe for Nifty and Banknifty (BNF), both get honoured. Today was one such day, so I hope few traders did earn something. Though the trading range was narrow and volumes low due to 1st January taken off by many, 50 point profit in Nifty and 200 point profit in BNF was achieved. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content.
Banknifty made a red candle with lower low, lower high and lower close on daily chart . BNF looked weaker today than Nifty ( Nifty made higher low as compared to yesterday). So with such progression of lower high and lower low movements, buying can only emerge near its 20 DEMA level which is at around 31975. 32350 is near high created yesterday and today so it is a kind of resistance. Tomorrow being expiry, wild moves are expected so trade with strict SL. A temporary dip will elicit buying (around 20 DEMA ) and a temporary rise will provoke selling too (near 32350). Both levels are marked on 15 min chart.
All the best. Happy trading.

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