Post demonetization, market was expecting substantial slowdown in the economy due to which banks would have suffered a lot. But yesterday, IndusInd Bank posted amazing results indicating economy might not have suffered much. Still early to draw conclusions though but short covering and buying is propelling Banknifty
. Don't count the resistances just ride the rally with trailing Stop Loss. We might be surprised with the magnitude of this rally. I already gave the Nifty
target of 8600 about a month ago. Don't short and don't book profits early. Manage your risk.