protrader1969
Short

BANKNIFTY for 6th September

NSE:BANKNIFTY   NIFTY BANK
Please read this post along with my post on Nifty to get complete picture. Yesterday I wrote BNF pulled NIfty up and today it seemed BNF just didn't allow NIfty to go up. If one watches 5 min chart, this becomes clear. Forgot to write this piece of observation when I was writing about Nifty- If you see 5 top gainers you have Tata Motors, Coal India, ONGC , BPCL & YES Bank- shares that normally are accustomed to fall. And if you look at top 5 losers, you have HDFC , India Bull housing fin., ICICI Bank, TCS & Kotak Bank- solidly managed companies (except Ibull housing.) which you see among gainers! so what do you conclude- that whatever today's rise was it was due to some teporary injection and would soon fizzle out.
Option chain data on BNF is not very clear and conclusive. One thing is certain- at 27000 strike, both Call and Put writers are equally active. We might get some clarity tomorow.
On charts, BNF ended as a red candle with lowe high but higher low. This points to consolidation but since BNF rose very well yesterday, it can be understood that to day's fall has arrested the rise and can very well go down from here. The selling area is marked on chart.
All the best. Happy trading
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