PowerTrades

BankNifty short trade setup

Short
NSE:BANKNIFTY   NIFTY BANK
I have been writing about a mid term rotation upwards if 24100 levels were defended. Friends will recall thats why we had also closed the short @ 25000 near 24300 zones. Now that scenario has failed and we have to look for a downward move.
Another level to watch out was 23875 levels. now on friday we tested that level and failed to breach it on the upside. This will hold as an immediate resistant with a possibility to test 23450 levels in the downside and towards our long term targets of 22600.
At the sametime remember that this week is expiry so dont be surprised if we see some consolidation as well based on options OI. which still is looking to suggest a close between 23500 and 24000

Trade closed: stop reached: got smoked out of that trade,that day. stopped out both for intra and positional play, but hopefully someone took a cue and went long above 24100.
this brings back BNF to the pullback zone territory that we have been discussing for past few sessions.
expiry OI suggests 24K-24.5K close for BNF

Comments

there were some street rumors that markets were spiked up because of the bandhan bank IPO. but lets trade as per the levels as they emerge
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