BANKNIFTY is consolidating on Upper Side, with Resistance facing for 3rd Time, Volumes are Low and momentum is not picking on Upside Yet ! If Post-RBI Policy event, this Upside Momentum doesn't occur & failure of Ascending Triangle Breakout, BANKNIFTY may immediately correct if Rising Trendline is broken.
Expected Price movement on downside is Projected at 23336-23232-23089-22975. Stoploss 23640 !
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Setup Active Only below 23336 on Spot !
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Buy BANKNIFTY 23300 PE, 08-06-17 Expiry, above Rs.77. Stoploss: 48. Target: 302. For this Setup.!
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Now this Level is the decisive point for BANKNIFTY .