bijoy2526

BANK NIFTY faced resistance as mentioned earlier.

NSE:BANKNIFTY   NIFTY BANK
yesterday I had mentioned the level 23071
it opened little higher and crossed that level
that red candle 15 minutes bar clearly indicated
the sell off.
however it retraced only 23.6% percent of the last leg of this rally and able to hold 22686
which is very positive,
this type of movement I have observed prior to weekly expiry.
I had squared off my overnight long position in bank nifty with in few minutes when I found that first red candle.
there is every possibility of its bounce off this retracement is nt much.
even if lower levels are offered by the market that will be good entry point.
for the time being I am neutral on it.
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