BANKNIFTY for 9th March

On Daily chart , there are good signs for Banknifty- Friday's candle is a green candle with long lower tail and closing above the opening price meaning recovery from lows ( like Nifty ).It is outside the lower edge of Bollinger Band meaning some bounce back will be there. RSI is at 24.72 meaning it is in oversold region. Further 3 of the five main high weightage banks in Banknifty ( HDFC Bank , ICICI Bank, Kotak Bank, Axis Bank and SBI bank), viz. HDFC Bank , Axis Bank and SBI , all the three have their friday's candle outside lower edge of BB and RSI less than 30- oversold region all. ICIC Bank's candle is outside BB but RSI is just above 30. Kotak Bank's candle is inside BB. So if some buying does take place in these 4 banks, it will lift Banknifty . But a lot will depend on how we open tomorrow or more significantly, how Asian markets and then SGX nifty opens tomorrow. I have marked supports and resistances where one can buy with strict STOP LOSS since markets are more volatile and will react quickly to any news.
All the best. Happy trading.

Disclaimer : I am long on Banknifty .

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