Please read this post along with my post on Nifty to get complete perspective on markets. Traders who could buy BNF today as per buying area marked on my chart must have booked good profits. The ATM option gave more than 33% returns today. My only regret was it didn’t come well inside the area to give proper opportunity to traders. Banknifty (BNF) was stronger clearly as compared to Nifty today. If we see on 15 min chart, we note that BNF kept making higher highs and higher lows till it reached 30600. Nifty on the other hand, could not break it’s high made during first 15 minutes throughout the day but kept making lower lows. But it didn’t go past 30,612 and therein lies the story of our market. The weakness or bearishness due to corona virus outbreak is so huge that any upside will be limited in the near future. So sell on rise. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content. The Selling areas are marked on the 15 min chart. One word of caution, the buying area which responded so well today, now have lost strength and hence do not attempt to buy BNF now in that buying area. One may buy at 30250 but that too with strict SL since market is just not right for any buy trades. If you buy, make sure to book profits quickly.
All the best. Happy trading.
All the best. Happy trading.