protrader1969

BANKNIFTY for 7th February

NSE:BANKNIFTY   NIFTY BANK
Banknifty (BNF) was muted till monetary policy was not announced. Once it was clear that repo- rate remained unchanged, BNF moved to next gear and rushed up. So did almost all public sector and private sector banks. So if you compare Nifty’s run with BNF, it finished as a strong green candle on daily chart . Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content. On 15 min chart, there are no clear cut sell levels which means it has no dependable resistance, so BNF can actually run upto 32000 where I think it might face some hurdle. Immediate resistance of 31500 can easily be covered. This means that if BNF reaches tomorrow around 32000, one can attempt Selling and as for buying, a buying area is marked on the 15 min chart.
All the best. Happy trading.

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