protrader1969

BANKNIFTY for 10th January

NSE:BANKNIFTY   NIFTY BANK
Banknifty (BNF) and Nifty both openned gap up due to easing of geopolitical tensions. BNF made a strong green candle with higher high, higher low and closed above 20 DEMA . But after 1.30 pm, got plateued and didn't rise unlike Nifty which continued to rise. So Same dilemma, which face Nifty traders, is with BNF as well. How to trade BNF tomorrow? Please check my video posted on youtube under channel name Market Movers India for slightly more content. For longs, use today's low as support and another if it falls below that, as yesterday's high. For shorting BNF, a weak selling area (not marked on chart), is between 32270-32330. As I write this, Dow Jones is trading up by 230 points (0.80% approx.) which may prompt another gap up openning tomorrow but then sustaining at higher levels will be a challenge in absence of any strong trigger. So trade with strict SLof around 40 points.
All the best. Happy trading.

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