As compared to nifty drop in Banknifty (BNF) was much more pronounced. From high to low it was a good 638 point drop. I expected a slight drop finishing a base like candle with may be big wicks. What we got was a strong bodied red candle with high very close to open and low too quite close to closing price thereby closing below 20 & 200 DEMA. These levels did not act as strong support. This means bears have returned with full force. They did let BNF have a field day yesterday but today returned. It does happen that when total mood is bearish, a pullback lasting for few days does lift a stock or index before returing its downward journey. This pullback, however, it seems lasted only for a day.
Option chain data is not yet populated for weekly expiry and hence no clear cut levels or even direction is visible, at least to me. On chart, we are very close to buying area that I had marked yesterday. I do expect some buying to happen there tomorrow. There is no new selling area and hence old marked selling area remains only reliable one.
All the best. Happy trading.
Option chain data is not yet populated for weekly expiry and hence no clear cut levels or even direction is visible, at least to me. On chart, we are very close to buying area that I had marked yesterday. I do expect some buying to happen there tomorrow. There is no new selling area and hence old marked selling area remains only reliable one.
All the best. Happy trading.