BANKNIFTY for 17th January

Nifty made a higher high and higher low candle but Banknifty made ‘almost same high and a bit higher low candle’. So BNF did exibit a bit of weakness. Today, like an obedient student BNF moved between two limits that I marked yesterday on 15 min chart. It reversed down from yesterday’s high (which was marked resistance) and reversed up from buying area that was marked. That was because, perhaps, traders/investors/institutions were not so sure of which path to take. But I have seen that whenever expiries are uneventful, there are fireworks on Friday. Now, one may reason that since budget is round the corner and no clear positive or negative trigger in sight, indices may move just like this – slow and without any great direction- for next few days. Quite true! Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. For tomorrow, buying area should hold good at least during first attempt but resistance was shifted up as marked on chart. One of the limits are likely to be broken tomorrow so please trade with stop-loss.
All the best. Happy trading.

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