Yesterday BANKNIFTY closed around the 50% retracment levels. yesterday's top can be a good SL for a short idea. This will be a good test to see if the levels hold.
A breakout above that can re initiate the bull run. downside trade target remains at 25250 , 25100 and lower.
Moved too quick, booked most of the futures short here at 25180-200 levels retracment for the spot. will look to re initiate in pull backs
Potential re entry points in futures levels are 25280, 24320.
or on downside break below 25180 as per futures.
beyond a point covered options trades are a better idea
Trade closed: target reached:
Yesterday market gave a pullback opportunity near 25270 highs, could re enter below 25240 and lower.
targets done closing the trade now. too many news based upcoming events. Can be good for some short term ideas for now