BankNifty on a roll - Bears are getting bulldozed.
As mentioned earlier in the previous post, Banks have surprised the markets with their results. Shorts are trapped. Now don't short BankNifty or try to find the top. Buy on dips. It has completed 50% retracement today at 18950-70 now likely to consolidate before going for 19250-300
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Immediate supports are 18750 & 18650. One can buy BankNifty Futures at 18700-750 with 100 points Stop loss for a target of 19250-300. If today BankNifty future closes below 18650 then get out we might see further correction. This is a positional call.
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50% position can be bought at 18830-35 futures.
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Price action of BankNifty is extremely strong. Taking support at 18800. Today is BankNifty weekly options expiry. If it doesn't go down till 1 pm then Call writers should start buying futures to cover losses which might further propel BankNifty beyond 19000 today itself. Let's wait and watch.
Comment:
Don't short BankNifty. It can smash you. Trend is very strong, it will get weaken only below 18650 closing. Due to options expiry, it might be volatile but bias should be on the upside.
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BankNifty is consolidating between 18800 to 18970 before the next move. It is making bull Flag pattern on hourly chart. It should make next upmove towards 1925-300 which is a considerably strong resistance but again don't try to find top and don't short.
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BankNifty established a range from 18800 to 18970 yesterday on a smaller timeframe. Whenever a range is set then seasoned traders play it amazingly well which results in fast movements within the range. False breakout/breakdown by 20-25 points are common to shake out the weak hands.
