pankajvw
Long

11 Apr- BankNifty targetting 25374 and 25720

NSE:BANKNIFTY   NIFTY BANK
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.
Comment: 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!
Comment: #Nifty is forming a topping pattern, it will top out tomorrow morning. #BankNifty is in no mood to give another high.
Comment: BankNifty shall be exited.
Comment: Exit all long positions, we will short tomorrow.
Comment: Bears wont win, until we join them tomorrow!
Comment: #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!

Comments

What is tomorrow's target of NIFTY? 10500? or 10300?
Reply
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