Nifty Bank Index
Long
Updated

Banknifty view for 5th December 2023

302
The market is range-bound today. Since the market is in an uptrend, selling puts is one of the worst things that can be done.

I think I can go long and wait till BNF hits 47100 with SL being 46800. The trade is a bit risky, however.
Trade active
I've made longs at 46900. By the time I posted, half the target had been reached. Will add more during retracement.
Note
Trailing SL to 46915
Note
47000 is a very good resistance. However, it was already taken out in the morning. Since we do not have any historical data to verify, I will trail SL to get at least some profit from the trades.
Trade closed manually
Booked half at 46980
Trade closed: target reached
Booked full at 47000
Note
Buying momentum can be seen decreasing

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