Nifty Bank IndexLong
11 Apr- BankNifty targetting 25374 and 25720
Updated
Today #SGX #NIFTY is flat. And the turn date is tomorrow.
I did #Nifty chart yesterday and as #Nifty had met one particular Fibo ratio, it got resisted there throughout the day. This was explained in yesterday evening Summary post.
#BankNifty however have not yet met any such Fibo ratio and therefore was outperforming #Nifty and went above previous day's high in the closing hour.
BankNifty is targeting 25374 by tomorrow. The second target is 25720 and is unlikely.
I did #Nifty chart yesterday and as #Nifty had met one particular Fibo ratio, it got resisted there throughout the day. This was explained in yesterday evening Summary post.
#BankNifty however have not yet met any such Fibo ratio and therefore was outperforming #Nifty and went above previous day's high in the closing hour.
BankNifty is targeting 25374 by tomorrow. The second target is 25720 and is unlikely.
Note
Tgere is a fair chance that #BankNifty may do just 25374 and #Nifty too may just restrict itself to yesterday's high. So BN out of money option holder please be extra careful as tomorrow is expiry and premium will erode!Note
#Nifty is forming a topping pattern, it will top out tomorrow morning. #BankNifty is in no mood to give another high.Note
BankNifty shall be exited.Note
Exit all long positions, we will short tomorrow.Note
Bears wont win, until we join them tomorrow!Note
#BankNifty options specially OTM are tough ones to deal with. Sometime we make more than 100% in them, but at time we also loose 50 to 60%. And even though BN has moved up, the premium component just erodes and cant have any profit. If you want to be safe better avoid BN options!
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