Banknifty too, like Nifty, made a massive red candle on daily chart. But unlike Nifty, which slipped from its lifetime high, Banknifty was not at its lifetime high and yet went down. HDFC bank, which posted OK results on Saturday fell down by 1.82% and Kotak bank whose results were announced during market hours despite prior knowledge that they won’t be good, slipped by 4.72%! But now it is at support. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. If you apply Bollinger bands to BNF daily chart, you will see that BNF is at lower edge of BB. BNF’s high today was at mid line of BB which is 20 SMA line. So it faced a resistance at 20 SMA and went down one-way till BB’s lower band. So tomorrow, I expect a bounce-back. Nifty too is at support (20 SMA of BB) and that too will help. On 15 min chart, one can buy at CMP (around 31050 to 31100) for a target of 31350, if it passes the resistance which I think it will and Sell as mentioned at Selling area as shown. Please use SL since these are volatile times.
All the best. Happy trading.
All the best. Happy trading.