BANKNIFTY LONG
Updated
BankNifty is trading in a consolidation of an ascending triangle with a strong resistance at 52750-52800. Market is being cautious before the budget and quarterly results of major private sector banks.
BNF is sustaining at 52400-52450. A strong closing above 52500 will help to test the next resistance. A breakout above 52800 with a day closing will extend this rally to 53300 and lifetime high to touch 52500.
BNF is sustaining at 52400-52450. A strong closing above 52500 will help to test the next resistance. A breakout above 52800 with a day closing will extend this rally to 53300 and lifetime high to touch 52500.
Trade active
Closed at 52396.8 with settlement. 2 days of international markets, quarterly results and budget will play key role in upward movement. Stoploss is only at 52100-52000. No buy on dips.Trade active
As expected BNF broke the triangle took a support at 52160 (our support range was 52100-52000) and tested the resistance at 52800 making a day high at 52782.Crucial to close above 52600. Tomorrow opening above 52800 and holding the gains for one hour will give us more upside.
Trade active
Still holding the base levels of 52100-52000.Tomorrow's budget will be the decider. HDFC bank has put good numbers to hold Bank Nifty at these levels.
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