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BANKNIFTY [11/01] - Can short cautiously

Short
NSE:BANKNIFTY   NIFTY BANK
SGX stands at 70+ points at the time of writing this and our market is likely to follow suit. However, Dow, DAX , FTSE futures are all down and the market could witness profit-booking at the very opening. One can look to short the index at the opening with a SL around last seession's high.

Note:- In case the market seems to be taking above the upper main trend channel, around 32170, one should trail SL.
Trade closed: target reached: The index fell from opening as predicted but there could be short bounce from the SAR around 31970. There is a notable divergence in Stochastics and today's lows. One can go to look long @ 32000.