Kaustubh

BANKNIFTY at crucial resistance

NSE:BANKNIFTY   NIFTY BANK
BANKNIFTY has been a great star over past few weeks.
While the trend looks like it is going to continue forever, the price is at significant resistance channel at the moment.
This is probably a good time to book profits on the index FNO trades. Today being expiry means basically not rolling over positions.

This is not an outright sell yet except may be some high risk speculative small trade for adventurous ones. But the index could be ripe for a nice correction till about 24400.
See the related trade on YESBANK. That has almost reached the price target in hurry.
Bit of euphoria in the market right now. 10K on NIFTY not yet done deal. We will have to wait and see if it sustains above the level.
25K on BANKNIFTY is potentially a show stopper. All that in near term though.

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