Bank Nifty has to sustain above 21725 for 5-10 mins for taking long positions.
No momentum - price is just doing time pass. Markets about to close. Intrday call we will close -Not taking any risk for home.
Got out yesterday in long call above 21720. BN falls 150 points in an hour session today.
Bank Nifty below 21700 looks weak - Axis looks weak - SBI looks weak- keep an eye on all.
We will trade against 21730 as mind stops & below 21700 -it remains it will be under pressure.
Shall look to book profits in close zone of 21585-21595 -if holds then I will exit - keep a watch -It kissses & starts moving back above 21600 or if remains below 21600 -then more bearish scenario.
Today BN moved in tight zone & below 21700 - I have been telling several times -It is risky to take long positions & specially below 21700 if sustains for 1-2 days more or cracks down even before.
Do check at your end.
BN is struggling to go down below 21600 or finding tough to stay on upside above 21750.
So, we will trade next only if it crosses 21750 above & stays above that level or selling below 21600.
It is looking choppy again & can trap below 21600 if taken short -so I am changing the sell level to 21550 & below as it is not able to stay below 21600 in present situation.
Out in time at 21610 from selling - looks like 21730-21750 can be an attempt again - going above 21750 & staying above can be more bullish or we drop again to 21630-21650 post going to 21730-21750 if it hlds on upside.
BN loves 21600 so much that it comes close -Kisses & moves away -up- up & away -can it fly like a superman.
Be careful 21550 is a leakage point for BN downside.
Bounced from 21600 again -this time touched 21650 - Not going down as suggested early morning.
Any sell positions we will take only below 21550.
Closing for the day. Enjoy rest of the day.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Same 2 U
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