Nifty Bank Index
Short

BANKNIFTY for 14th November

It was unbelievable kind of fall for Banknifty which had exibited so much of strength for past so many sessions. If we see on daily chart, after 24th october this is first big single day fall. What sets it apart from other falls is that just one trading session before, it executed one of the smartest rally in one single day. And today it finished as a strong red candle with lower high and lower low. In my opinion, what follows such set-up is a kind of Doji candle mostly with lower low and lower high. Tomorrow being expiry, this is entirely possible. The selling area so created due to big fall today is marked on 15 min chart and so is buying area which is at around 31100. I do not know wheteher BNF will fall that low but again tomorrow being expiry high volatality is norm of the day. Safe buying levels and selling levels are therefore areas that I have marked.
All the best, Happy trading.

Disclaimer