protrader1969

BANKNIFTY (BNF) for 5th March

NSE:BANKNIFTY   NIFTY BANK
Please read this post along with my post on Nifty to get complete perspective on markets where I have written in greater detail. Today Banknifty was much weaker than Nifty . So BNF broke its low made on 2nd March whereas Nifty didn’t. However, it also must be noted that BNF recovered more than 500 of the 1000 points lost in intraday in late recovery. And given the signs in world markets and our concerns and preparedness over corona virus, I think the journey towards 29500 is on cards. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content. On daily chart , BNF made not a strong red candle but with lower low, lower high and long lower tail signifying recovery from lower levels. On daily chart , BNF is below lower band of Bollinger band , is at RSI of 28.45, meaning in oversold region, and has taken reversal from a weekly demand zone- all indicating that this upward journey may continue if there are no setbacks on corona virus front tomorrow. Since we are facing weekly expiry tomorrow, expect volatility . I have marked Buying and Selling areas on 15 min chart so one can take appropriate trades there with STOP-LOSS.
All the best. Happy trading.

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